Brexit: EU Institution Relocations

Lord Harrison Excerpts

Thursday 6th July 2017 Lords Chamber

Asked by

[Lord Harrison]

To ask Her Majesty’s Government, in the light of Brexit, what assessment they have made of the impact on jobs and the economy of any relocations away from the United Kingdom of European Union institutions based in this country, such as the European Banking Authority.

[The Minister of State, Department for Exiting the European Union (Baroness Anelay of St Johns) (Con)]

My Lords, in the negotiations, we will discuss with the European Union and its bodies how best to continue economic co-operation. It is in the interests of both the UK and the EU to secure a mutually beneficial agreement for business and citizens across Europe.

[Lord Harrison (Lab)]

My Lords, according to the briefing paper from the House of Commons, the hard Brexit expulsion of the European Medicines Agency and the European Banking Authority will cost us jobs, tax revenues and personnel with deep knowledge of banking and medicines, and will incur the costs of this relocation to another country. Could the Minister detail the bright, sunlit uplands for opportunity foreseen by Brexiteers for this dark and wilful act of self-harm?

[Baroness Anelay of St Johns]

My Lords, as this country goes into the light of being able to decide its own future and laws, we will continue to press hard for the stability and the economy we have had heretofore. That also means we will press hard to continue the safety of products in the medical and life sciences world. The locations of agencies in themselves do not determine the future health of our economy or the safety of our products. What will determine that is achieving that deep and special relationship with the European Union. That is what we shall do.