Brexit Negotiations

Jonathan Reynolds Excerpts

Monday 11th December 2017 Commons Chamber

[The Prime Minister]

As I said earlier, assuming that the EU Council confirms on Thursday and Friday that we can move on to phase 2 of the negotiations, I expect that work on the transitional or implementation period will start immediately. There are some details to be sorted out, but the general agreement is that it will be agreed as early as possible in the new year. As my hon. Friend says, Michel Barnier has indicated that it could be during the first quarter.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

I put it to the Prime Minister that if, for instance, the right hon. Member for Chingford and Woodford Green (Mr Duncan Smith) and the right hon. and learned Member for Rushcliffe (Mr Clarke) are in full agreement, than either one—or probably both—must be mistaken about what has really been agreed. With respect, the Prime Minister cannot have full autonomy and full alignment at the same time. Cross-border trade in services will require some sort of long-term regulatory co-operation to be in place. When, for instance, will we find out whether solvency II still applies, whether the prospectus directive is still in operation, and whether we are still in the single euro payments area? Those are all genuine questions for consumers and businesses, but we still have no idea about the answers.

[The Prime Minister]

The nature of those arrangements for future trade in goods and services will be negotiated in phase 2 of the discussions. If my right hon. and learned Friend the Member for Rushcliffe (Mr Clarke) and my right hon. Friend the Member for Chingford and Woodford Green (Mr Duncan Smith) are in agreement, I think it suggests that the Government have done a good job.