Oral Answers to Questions

Craig Tracey Excerpts

Tuesday 7th June 2022 Commons Chamber

[Julie Marson (Hertford and Stortford) (Con)]

6. What steps he is taking to ensure that UK businesses benefit from the UK leaving the EU.

[Craig Tracey (North Warwickshire) (Con)]

22. What steps he is taking to ensure that UK businesses benefit from the UK leaving the EU.

[The Parliamentary Under-Secretary of State for Business, Energy and Industrial Strategy (Lee Rowley)]

Leaving the European Union gives us a fantastic opportunity, over the long term, to chart a new course to bring further prosperity to the UK. The Government are committed to growing the UK’s economy by making the most of our Brexit freedoms, signing new trade deals, and, over time, lightening the regulatory burden.

--- Later in debate ---

[Lee Rowley]

I am grateful to my hon. Friend for her important point. Unlike her, I am not able to make any comparisons with cricket, but we know that unnecessary regulation, where it exists, is a real burden for businesses, and we are committed to reducing it. There is also work under way on data laws, alcohol duty and imperial markings. There is the forthcoming Brexit freedoms Bill, and cross-Government work to look at reducing burdens. All of that should mean positive movement in this important area of policy.

[Craig Tracey]

Our insurance and financial services sector is a great British success story, and it helps to fund our local public services. The majority of employment in the sector is outside London and spread across many of our constituencies. Does the Minister agree that it is vital that we continue to support the growth of this industry, and that there must be a strong competitiveness duty on the regulator, so that we can make the most of opportunities now that we have left the EU?

[Lee Rowley]

I know that my hon. Friend does a huge amount of work in this area as chair of the all-party parliamentary group on insurance and financial services, and he has a background in the sector. Although he is tempting me to make policy that is dealt with by another Department, I know that his point will have been heard by my colleagues in the Treasury.