EU Exit: End of Transition Period

Lord Mackay of Clashfern Excerpts

Thursday 24th September 2020 Lords Chamber

[Lord Mackay of Clashfern (Con) [V]]

My Lords, the detail of the ultimate agreement, if any, is not known. What difference will it make whether we have a free trade agreement or no deal in respect of the preparations that are the subject of this Statement?

[Lord True (Con)]

That is a very important question, and it is important that it is understood. Whether we have a free trade deal must not be confused with the question of tariffs, and the question of tariffs will differ. Whether or not we get a Canada arrangement or another arrangement, my noble and learned friend is quite right that we will have left the single market and the customs union. That fact means that adjustments for businesses trading with the European Union will have to be made, and they are the subject of this Statement and the ongoing discussions. It is important that all businesses and people moving to and from the European Union understand the point lying behind my noble and learned friend’s question.