Gareth Thomas
Main Page: Gareth Thomas (Labour (Co-op) - Harrow West)Department Debates - View all Gareth Thomas's debates with the Cabinet Office
(4 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Gove
My hon. Friend is absolutely right. The reluctance to grant, or slow pace in granting, third country status for food exports to the UK has been concerning, but thanks to the Prime Minister’s having drawn attention to the issue, progress has been made.
Gareth Thomas (Harrow West) (Lab/Co-op)
Further to the question asked by the hon. Member for Wimbledon (Stephen Hammond), the Chancellor of the Duchy of Lancaster will know that financial services firms in the UK generate a huge number of jobs, a not insignificant number of which are held by my constituents. Will he tell the House exactly what progress has been made on the vital issue of achieving equivalence, and what remains to be sorted out?
Michael Gove
The hon. Gentleman makes an important point. Equivalence is decided by the EU. It is an autonomous process separate from but occurring in parallel with the negotiations. As I mentioned earlier, with the Prime Minister having drawn attention to the slow pace in these processes, we have seen an acknowledgement of that on the EU side. The EU is obviously a sovereign equal and will make its own decisions, but I should say that it helps EU businesses to have access to the broad and deep capital markets that we have in this country. Were the EU to cut itself off from our capital markets and financial services, the cost of EU businesses’ transactions would increase and their shareholders would lose out.