Crown Dependencies

Debate between Lord Flight and Lord Faulks

Tuesday 12th July 2016 Lords Chamber

[Lord Faulks]

I am grateful to the noble Lord for his comments. Of course, we do our best to maintain the relationship between the Ministry of Justice and the Crown dependencies. I spoke to all the Chief Ministers on the day of the referendum and attended the APPG meeting. We are anxious to ensure that the relationship is secured for the future. Of course, the noble Lord is aware of the fisheries dispute with Guernsey. That is the subject of litigation, so I cannot comment further on it. As I said earlier in answers to questions, we are anxious that there should be an appropriate degree of autonomy, and that each of the Crown dependencies should be able to secure matters that are in their interests. Of course, how matters finally turn out following the conclusion of our negotiations is difficult to predict with exactitude.

[Lord Flight (Con)]

My Lords, among the first batch of non-member territories expected to receive AIFM passporting towards the end of this year are Guernsey and, I believe, Jersey, as well as Hong Kong and the USA. Does the Minister feel that if that goes ahead it could be an extremely helpful precedent for this country when potentially negotiating passporting?

[Lord Faulks]

Passporting is extremely important. Negotiations about the UK’s future relationship with the EU have not started and we should not assume their outcome. However, we are acutely aware of how important passporting rights for financial services are everywhere.