Financial Services Bill

Lord Jopling Excerpts

2nd reading & 2nd reading (Hansard) & 2nd reading (Hansard): House of Lords
Thursday 28th January 2021 Lords Chamber

[Lord Jopling (Con) [V]]

My Lords, I begin by drawing attention to my interests in the register. The House has heard two outstanding maiden speeches today. I doubt the House of Lords has seen the introduction of two individuals with such extraordinarily wide qualifications for many years, and we certainly welcome them very much.

The Government have told us that one objective of the Bill concerning financial services is to promote openness between the United Kingdom and internal markets. Obviously that is a laudable notion, which is important to the UK because our financial services are in many ways the golden nugget of the UK economy. I want to ask the Minister to give us an assessment of how such an aim is achievable and to report on progress over the past few years, and particularly recently, on achieving that greater openness. To what extent since Brexit are other countries also showing preparedness to negotiate towards that goal?

For a start, I cannot imagine that the European Union will resist the temptation to shift some of the pre-eminence of the City of London to Paris and Frankfurt. That point was made by the noble Lord, Lord Reid, and my noble friend Lord Bridges. So far as the EU is concerned, it will be a case of holding on to what we have got and trying to avoid the power of the City and British financial services ebbing away to the continent. However, that is not the main point that I want to raise.

I am concerned at the prospect of opening up the financial markets between the United Kingdom, the United States and others. Some years ago, when the European Union was negotiating the TTIP agreement with the United States, I went on a Select Committee visit to Washington as part of our inquiry into the progress of the TTIP negotiations. Of course, reflecting on the strength of the City and the United Kingdom’s powerful financial services sector, one of Britain’s main aims, while we were still members of the EU, was to enhance the prospects of the pre-eminence of the City within those negotiations with the United States. Indeed, one of our principal aims was to open up the financial sector between the US and the EU, as it was then. Now, after Brexit, that must obviously continue to be a major aim of the UK but all of us who went on that delegation to Washington, some years ago now, were seriously shocked, when meeting the United States Treasury at that time, to be told in the firmest possible way that there was no way at all that the United States was prepared to open up the financial services sector within the confines of the TTIP negotiations. In strident, almost offensive terms, we were told to forget it.

That is very concerning for the future. I have heard no evidence since then that the attitude of the United States has softened so far as financial services are concerned. I have two questions to the Minister, which I hope he will refer to in his wind-up; if he cannot do so, perhaps he will be good enough to write to me. First, has there been any softening in the attitude of the United States to protect its financial services sector and open it up to the UK or others? Secondly, does he see any prospect of fulfilling the Government’s aim of opening up these markets, especially within the United States?

Covid-19: Devolved Administrations

Lord Jopling Excerpts

Friday 27th November 2020 Lords Chamber

[The Deputy Speaker (Lord Brougham and Vaux) (Con)]

I call the noble and gallant Lord, Lord Craig of Radley. The problems continue. I call the noble Lord, Lord Jopling.

[Lord Jopling (Con) [V]]

My Lords, I want to add to the contribution of the noble Baroness, Lady Barker, about the position of Scotland and the jubilation which surrounds the new year. In the north of England we have over the years been accustomed to a massive migration of Scots going back to Scotland for new year and then coming back to England or elsewhere afterwards. It is essential that the rules that apply to Christmas also apply to the new year so that the Scots can fully enjoy their traditional holiday. Therefore, it is crucial that there is the utmost co-operation between the devolved Administrations, particularly with Scotland, so that jubilation does not increase the level of Covid outbreaks.

[Lord True (Con)]

My Lords, I said to the noble Baroness, Lady Barker, and I say to my noble friend that, of course, I appreciate the importance of new year, particularly in Scotland, but to many others. I cannot advise the House specifically on this position, as I explained in answer to the earlier question, but I will take away the questions raised and seek further advice for your Lordships.

Future of Financial Services

Lord Jopling Excerpts

Wednesday 11th November 2020 Lords Chamber

[Lord Agnew of Oulton (Con)]

My Lords, the UKIM Bill is there as a precautionary instrument in the event that we do not achieve a deal at the end of this year, to protect the interests of this country.

[Lord Jopling (Con) [V]]

My Lords, some years ago, when the European Union was trying to negotiate the TTIP agreement with the United States, one of the United Kingdom’s principal aims was to include financial services in that deal. But when we went to Washington on a Select Committee visit, the United States Treasury was totally—even aggressively—opposed, saying that it was totally unacceptable to include financial services in a trade agreement. Does the Minister agree that there has been no change in the American attitude, and that it will be almost impossible to get a satisfactory and acceptable new trade agreement with the United States in the short term? To suggest that it will be simple and swift is some way from the truth.