Vice-President of the European Commission

Lord Sarfraz Excerpts

Thursday 29th April 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, I am always happy to meet Members of this House on EU exit and the practical issues that have emerged from it. On the broader point that the noble Baroness makes, the latest statistics published by the Office for National Statistics and HMRC show that trade in goods is close to previous levels and that companies are exporting successfully. There of course remain difficulties, which we are doing our very best to try to resolve.

[Lord Sarfraz (Con)]

My Lords, today, the European Commission held a press conference on what better regulation might look like, delivered by Mr Šefčovič. It just so happens that, also today, the City of London published its findings on the digital sandbox, an example of real-life better regulation in action. Does my noble friend the Minister agree that, post Brexit, the City of London will retain and enhance its position as one of the most competitive and innovative financial centres in the world?

[Lord Frost (Con)]

My Lords, I very much agree with my noble friend. One of the huge benefits of Brexit is that we can set regulations and rules for ourselves, for our own conditions and our own needs, rather than having to join a lowest common denominator that has been set for a wider group. We are committed to making the UK the most open and dynamic financial centre in the world, and we have every confidence that the City will prosper with our support in this new post-Brexit environment, with world-class regulation and a huge depth of expertise and entrepreneurialism.