Leaving the EU: Central Counterparty Clearing
Debate between John Glen and Chris Leslie(6 years, 1 month ago)
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The Economic Secretary to the Treasury (John Glen)
I congratulate the hon. Member for Nottingham East (Mr Leslie) on securing this debate and thank him for what he said. He set out very clearly the risks and the need for clarification. I am very happy to give him the answers to the questions that he has posed in his thoughtful and helpful speech.
I, first, wish to acknowledge the issue of no deal and to clarify from the outset that the Government firmly believe that it is in the interests of the EU and the UK to strike a deal. That remains the clear goal on both sides and we are confident that that will be achieved. I reassure the hon. Gentleman and the whole House that an enormous amount of work and dialogue is going on at all levels in order to understand the issues that exist on both sides.
Our proposal for the future UK-EU relationship in financial services seeks to be both negotiable and ambitious. It is founded on preserving the economic benefits of the most important financial services traded between us and on ensuring stable institutional processes for governing the relationship into the future. That is the best way to protect financial stability and open markets, and it is in the interests of businesses and consumers on both sides. Just for clarification, under our plan, we would build on the EU’s existing equivalence regimes but expand their scope to recognise business activities that are in the interests of both the EU and the UK but not covered by the existing regime.
Mr Leslie
Just stepping back from the specifics, on the policy stance of the UK Government, are we intending to remain in lock-step with our European neighbours in terms of the regulatory approach that we take—as a matter of philosophy? The Americans would perhaps like us to depart from that, but it feels to me important, for our existing market access, that a commitment is given to preserve some of the harmonies that we already have.
EU Customs Union and Draft Withdrawal Agreement: Cost
Debate between John Glen and Chris Leslie(6 years, 2 months ago)
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John Glen
There is no expectation that this Government will seek to pay more money to the EU. We are in negotiation, as has been set out. We have made considerable progress. We have a small number of items to resolve, but the intention is to get the best possible deal for the British taxpayer in the national interest.
Mr Chris Leslie (Nottingham East) (Lab/Co-op)
Will the Minister break it gently to the right hon. Member for Wokingham (John Redwood) that, if we stay in the customs union and the single market—and, quite frankly, if we remain in the European Union—we will save our constituents that £81 billion that will be lost to them otherwise? That is not my calculation, but the Minister’s—the Treasury’s own calculations and forecasts from last December say that our constituents will be £81 billion worse off if we leave on the WTO terms of the right hon. Gentleman.