Exiting the EU

Lord Liddle Excerpts

Monday 9th July 2018 Lords Chamber

[Baroness Evans of Bowes Park]

In relation to financial services, we will be proposing arrangements that preserve the mutual benefits of integrated markets and protect financial stability.

[Lord Liddle (Lab)]

My Lords, on non-financial services, does the noble Baroness accept that this sector of the economy, one of the most dynamic, creative, innovative sectors of the economy, has simply been thrown to the Brexit wolves? Why have the Government wilfully ignored the evidence and report of your Lordships’ Select Committee, which took extensive evidence on the non-financial services sector, which proved conclusively that membership of the single market was key to its success and business model? Finally, does she accept that not doing anything for services also means that the Government are contemplating what I would regard as unacceptable restrictions on the freedom of movement of British citizens on the continent and of EU citizens in our country, with very negative effects indeed?

[Baroness Evans of Bowes Park]

First, I say to the noble Lord that we always read the reports from your Lordships’ Select Committees with great care and attention. We may not always agree with their conclusions, but that does not mean that the work and intelligence within them is not taken very seriously by the Government. He is absolutely right about the importance of our services-based economy, which is exactly why we want to provide regulatory flexibility, because we believe that this is where potential trading opportunities outside the EU are largest. The UK will be able to negotiate our own trade deals focusing on services and digital, and these are very high in our thoughts.