European Union (Notification of Withdrawal) Bill

Debate between Ian Murray and Chris Leslie

Committee: 1st sitting: House of Commons
Monday 6th February 2017 Commons Chamber

[Chris Leslie]

My hon. Friend is completely right. This Bill is far more important than all those treaties wrapped together, because it is about withdrawing from the European Union.

What made the situation worse was the White Paper we had from the Government. Let us not forget that it came the day after the vote on Second Reading. That was pretty shocking and quite contemptuous of the rights that the House of Commons should have. It is a lamentable document because of the lack of information it contains on so many of the important issues on which I and other hon. Members have tabled amendments.

We should use the time we have today to talk about what we need to know and to ask the Government what their plan is. That is why I will briefly go through some of the new clauses I have tabled. For the sake of argument, let us take the first one, new clause 20 on financial services. One could say that it is merely a small corner of Britain’s GDP, but it provides £67 billion of revenue for all our schools and hospitals. If we mess around with that sector in the wrong way, we will all be poorer and our public services will be poorer as a result.

New clause 20 suggests that there should be a report twice a year on where we are going on one of those questions that was not contained in the White Paper: “What is our progress towards a smooth transition from the existing open market access, where we have passports, to the new arrangements, whatever they are going to be?” The White Paper merely says, “We’d quite like to have the freest possible trade,” but it says nothing about what will happen on mutual co-operation, regulation and oversight; whether we will be able to have permanent equivalence rights for some trades; or whether UK firms will have time to adjust.

Those issues already pose a clear and present danger to our economy. HSBC says that 1,000 jobs are going to go, Lloyd’s of London is moving some of its activities, UBS is moving 1,000 jobs, and J.P. Morgan has said that potentially 4,000 jobs will go. Firms are voting with their feet already, yet the White Paper hardly touches on this question.

[Ian Murray (Edinburgh South) (Lab)]

I pay tribute to my hon. Friend for his diligence on this Bill and for tabling these important new clauses. If we boil it all down, this is not about passporting and the complicated legal framework around financial services, but about the tens of thousands of my constituents who are in highly skilled, highly paid jobs in the financial services sector and who are worried about their future employment.

[Chris Leslie]

Absolutely. When hon. Members are asked by their constituents, “What time did you have to debate financial services?”, they will have to say, “There was only a couple of hours or maybe just a few minutes. I didn’t say anything about it because of the ridiculous programme order that we put in place to curtail debate.”