Draft Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019

Debate between John Glen and Lord Hanson of Flint

Wednesday 22nd May 2019 General Committees

[David Hanson (Delyn) (Lab)]

Before the Minister says “finally”, will he clarify one point in the explanatory memorandum? Paragraph 7.6 states that

“If the UK were to leave the EU without a deal, the UK would be outside the EU’s framework for financial services. The UK’s position in relation to the EU would be determined by the default Member State and EU rules that apply to third countries at the relevant time. The European Commission has confirmed that this would be the case.”

What does that actually mean in practice?

[John Glen]

That would depend on the prevailing circumstances at the time. I cannot give the right hon. Gentleman an accurate depiction of what the rules will be, because we are not in that situation at the moment.

[David Hanson]

The current Prime Minister—it is quarter to 3, and I think she is still in post—has indicated that she does not want a no-deal scenario. The next Prime Minister, whoever he or she may be, may well run the clock down until 31 October, when there would be a no-deal scenario. Before the Minister sits down, will he clarify what paragraph 7.6 of the explanatory memorandum means in practice if a no-deal scenario comes to pass?

[John Glen]

Like any Minister at any point in time, I can speak only for the Government I represent at this moment in time. The assumption behind the right hon. Gentleman’s question is one that I cannot take on board, because that is a hypothetical scenario that I am not, at the moment, privileged to answer.

[David Hanson]

rose—

[John Glen]

I am very happy to give way.

[David Hanson]

If the assumption is hypothetical, why is paragraph 7.6 in the explanatory memorandum?

[John Glen]

As has been indicated throughout the process, the explanatory memorandums set out the situation in the event of a no deal. The right hon. Gentleman wants me to explain where we will be at a certain point in time, but I am not able to answer him at this point.

Finally, during the debate on this instrument in the other place, Lord Young committed the Treasury to reviewing the explanatory memorandum for this instrument. Although the original was factually correct and followed the guidance issued to Government Departments for the drafting of EU exit instrument explanatory memorandums, I accept that it could have provided a clearer and more accessible explanation of the provisions in the instrument, which is why I submitted a revised version of the explanatory memorandum to Parliament on Thursday 16 May.

As I explained in my opening remarks, it was not essential for the additional measures and corrections, including this instrument, to be in law by the original proposed exit day of 29 March. That is why the instrument was not considered earlier by the Committee. Now that the article 50 process has been extended by six months, we can ensure that the provisions are in place and that the UK’s regulatory regime will continue to be prepared for withdrawal from the EU in all scenarios. I hope that colleagues will join me in supporting the regulations, which I commend to the Committee.

Oral Answers to Questions

Debate between John Glen and Lord Hanson of Flint

Tuesday 22nd May 2018 Commons Chamber

[David Hanson (Delyn) (Lab)]

14. What recent estimate the Government have made of the cost to the economy of money laundering and criminal finance in the UK.

[The Economic Secretary to the Treasury (John Glen)]

The social and economic costs of organised crime, of which money laundering is a key facilitator, total tens of billions of pounds a year. The Government are committed to tackling illicit finance in the UK and have implemented recent measures including the Criminal Finances Act 2017 and the updated money laundering regulations, both of which were brought into law in the past year.

[David Hanson]

The cross-party Foreign Affairs Committee said only yesterday that the Government should show stronger political leadership in tackling the importing of dirty money into the United Kingdom. Is it not time that the Government supported the Labour Front Bench’s proposals for an overseas register of interests?

[John Glen]

I acknowledge the report of the Select Committee. This Government stand by the rule of law. We do not do random confiscations but, alongside the work being undertaken, work is under way across Whitehall to examine what further steps are necessary. I am eager that we go as far as we can, and we must do so in ways that are consistent with our values.

Oral Answers to Questions

Debate between John Glen and Lord Hanson of Flint

Thursday 14th September 2017 Commons Chamber

[John Glen]

I commend my hon. Friend for his ambition, in his first three months in the House, and I certainly pay tribute to Mansfield Town football club. I would say to him and to all hon. Members that there are such opportunities, particularly looking at the Discover England Fund, which specialises in supporting tourism products outside London. I would draw his attention to that in the first instance.

[David Hanson (Delyn) (Lab)]

North Wales has been identified as one of the places to go to in the world this year, and with Chester on our doorstep and Liverpool close by, we are a tourist destination of choice. When can the Minister give certainty about visas, or the potential for visas, for European Union citizens post the EU exit, because we service Ireland and we have many visitors from the mainland EU?

[John Glen]

I certainly recognise the many attractions of the right hon. Gentleman’s part of the world, and I visited Liverpool during the recess. With respect to visas, I will be having a roundtable discussion with many representatives from the tourism sector in two weeks’ time, and I will be looking to take this forward across the Government in the coming weeks.