Interchange Fee (Amendment) (EU Exit) Regulations 2018

Lord Bruce of Bennachie Excerpts

Tuesday 22nd January 2019 Lords Chamber

[Lord Adonis]

My Lords, I am sorry to intervene again, but that response could not be more unsatisfactory. Noble Lords seeking to engage in the debate this afternoon on this fundamental issue are supposed to rely on a letter sent to two noble Lords this morning and placed in the Library of the House—a letter of which none of us was aware and could not conceivably have been aware of when we came into the House. That is the basis on which we are supposed to agree fundamental changes to the law, which could have a big impact on holders of credit and debit cards after 29 March. I place on record once again that, when you probe beneath the surface, this no-deal planning that we are engaged in—which is supposed to be technical—involves, if we have no deal from 29 March, fundamental changes to the terms of trade in respect, here, of just one aspect; a whole load of others are coming. All this has been smuggled in with no debate and no proper scrutiny; we are expected just to take the word of the Minister that he has properly considered it.

The issue at stake is not a question of explanation; the Minister can explain it for as long as he likes. The fact is that there is a fundamental change of policy taking place. That fundamental change could lead to higher prices being levied on UK holders of credit and debit cards after 29 March, in the event of no deal, if they seek to use those cards on the continent. It seems wholly unsatisfactory that we should agree to that situation with no debate whatever.

[Lord Bruce of Bennachie (LD)]

My Lords, the noble Lord, Lord Adonis, makes a very serious point. We have only just achieved the abolition of these charges on credit cards, for which the Government tried to claim credit when in fact it was an EU regulation that achieved it. We are effectively being told that, not only with no deal but possibly even with a deal, these charges could or would be introduced. I believe this should be much more fully debated. The noble Lord has a point when he says that something as fundamentally radical as this, which the public will be very cross about when they find it happening, should not go through just on the nod.

Motion agreed.