Oral Answers to Questions

Harriett Baldwin Excerpts

Thursday 1st October 2020 Commons Chamber

[Tom Hunt (Ipswich) (Con)]

What recent progress he has made on negotiations on the UK’s future relationship with the EU.

[Harriett Baldwin (West Worcestershire) (Con)]

What recent progress has been made on negotiations on the UK’s future relationship with the EU in relation to financial services.

[Justin Madders (Ellesmere Port and Neston) (Lab)]

What recent assessment he has made of the progress of the UK’s negotiations with the EU.

--- Later in debate ---

[Michael Gove]

My hon. Friend raises a very important question that is of concern to constituents across the United Kingdom. We are actively looking at the steps we can take after we leave the transition period to ensure that we can both maintain our commitment to providing a safe haven for those genuinely fleeing persecution and safeguard our borders. My right hon. Friend the Home Secretary has appointed Dan O’Mahoney to lead the United Kingdom’s response in tackling illegal attempts to reach the United Kingdom.

[Harriett Baldwin]

Financial services are this country’s biggest export sector. The Treasury Committee heard evidence from the Bank of England last month that equivalence could be a real problem, as it could be withdrawn quickly. Could the Chancellor of the Duchy of Lancaster update the House on how negotiations on financial services regulations are going?

[Michael Gove]

I am grateful to my hon. Friend for raising that question, as a former Treasury Minister and a very effective advocate for one of the most successful parts of our economy. The granting of equivalence is an autonomous process within the European Union, but we are confident that the high standards of financial services regulation in this country command confidence not only in the EU but elsewhere. It is also the case that it is in the interests of EU citizens and companies that they have access to the broad and deep capital markets in London and across the United Kingdom.