Draft Competition (Amendment etc.) (EU Exit) Regulations 2019

Martyn Day Excerpts

Wednesday 5th December 2018 General Committees

[Martyn Day (Linlithgow and East Falkirk) (SNP)]

It is a pleasure to serve under your chairmanship today, Sir Christopher, and I am very grateful to have heard the Minister’s explanation of the measure. All I would really say is that it is hard to see how Westminster will be able to handle competition issues any better than Brussels has.

I note that the political declaration discusses

“creating a free trade area combining deep regulatory and customs cooperation, underpinned by provisions ensuring a level playing field for open and fair competition”.

Competition is clearly vital to our economy, and we must not fall behind our European neighbours. Many UK businesses are subject to EU competition laws already, and divergence would create unnecessary red tape.

Having said that, I do not oppose today’s regulations. They are somewhat sensible and necessary given the circumstances in which we find ourselves, but I seek some reassurance from the Minister on what additional costs they come with. Financial regulators are already underfunded, and I wonder what increased cost will come from the measures.