Brexit: Negotiations

Lord Wigley Excerpts

Thursday 22nd November 2018 Lords Chamber

[Baroness Evans of Bowes Park]

I hope I can reassure the noble Baroness when I say that we have agreed to negotiate new arrangements on financial services that provide greater co-operation and consultation than is possible under existing third-country frameworks. For existing regimes, the EU and UK have agreed to move quickly to progress equivalent assessments during the implementation period and, crucially, both sides will endeavour to conclude decisions on granting equivalence by the end of June 2020—which is a major step forward in providing clarity for the industry about a smooth transition to our new relationship.

[Lord Wigley (PC)]

My Lords, I have been able to read this in some detail since this morning. Apart from the general waffle and aspirations—which one would have hoped would have been finalised after two and a half years—the overwhelming factor is the underlined need to rejoin organisations that we are leaving, including agencies dealing with medicines, chemicals and aviation safety, and to get ongoing co-operation on science, youth, culture, education, civil protection and space. We are reinventing things that we are leaving. Why do we not just stay there and get the benefit? The cost of applying to all these will mount up and take away most of the savings we get. We seem to be going around in a full circle to end up where we started.

[Baroness Evans of Bowes Park]

The noble Lord may recall that the British people voted to leave the European Union, and we are delivering that. In response to the noble Baronesses, I said we want to maintain co-operation with certain EU agencies. We will work with our EU partners over the coming months to explore the most effective ways to do that. If we do so and, depending on the level of the relationship, we have also said we will make a relevant contribution.