Brexit: Trade

Lord Harrison Excerpts

Thursday 2nd February 2017 Lords Chamber

[Lord Bridges of Headley]

I absolutely agree with my noble friend, and I will go somewhat further. It is absolutely in our mutual interest—both that of our country and of the countries of the European Union—that we not only come to an agreement on the issues before us but do so mindful of the fact that for generations to come, just as for generations past, this country has faced similar challenges to those faced by countries right across Europe. We therefore need to be in a position to continue to co-operate and collaborate with our European partners in the years and decades ahead.

[Lord Harrison (Lab)]

My Lords, has the Minister read the House of Lords report on EU financial services, which fears that New York may predominate in the future as the global financial services centre—including, of course, those services which will gravitate to Frankfurt and Paris?

[Lord Bridges of Headley]

I have seen it, and it is clear that although some thought that it was a zero-sum game between London and the capitals of Europe, that is not strictly true. However, I point to what I said at this Dispatch Box last week—that there is a growing recognition, not just in this country but in others, that London will remain a very important financial centre, no matter what happens.