Oral Answers to Questions

Heidi Alexander Excerpts

Thursday 1st February 2018 Commons Chamber

[Mr Davis]

With the greatest respect to the hon. Lady, the purpose of the implementation period, which was asked for by just about every business organisation, is to ensure they face stability in the couple of years in the run-up to the conclusion of the future relationship. That is what is going to happen, and that is why companies and the CBI and others welcomed it when we announced it.

[Heidi Alexander (Lewisham East) (Lab)]

T1. If he will make a statement on his departmental responsibilities.

[The Secretary of State for Exiting the European Union (Mr David Davis)]

As we accelerate the pace of our negotiations with the European Union, I gave a speech last Friday to lay out the terms of the implementation period for our new relationship. This period, a bridge to the future, will be strictly time-limited and see a continuation of existing structures and rules. We will no longer be a member of the EU, which is a legal requirement for signing a new trade treaty, while still ensuring the continuity of our businesses and their trading relationships. We will use this period to ensure we are best placed to grasp the opportunities of Brexit, and that will mean signing new free trade deals with countries around the world.

[Heidi Alexander]

Given reports today of a huge gap between the UK and the EU on how financial services will be able to be traded freely in a post-Brexit environment, can the Secretary of State set out exactly how he sees this trade operating successfully in future, and exactly how he plans to protect the jobs of the 1.1 million people in the UK who work in this sector?

[Mr Davis]

First, not only have we not yet engaged in the future relationship negotiation, but the EU has not yet decided its own negotiating guidelines. They will, we expect, be laid down by the March Council on 22 March, and to that end I am talking to every member state that I can in order to ensure that we are at the same place on this issue, rather than having, as the hon. Lady terms it, “a huge gap”. Indeed, at the end of these questions I am going to Luxembourg for specifically that issue.