Oral Answers to Questions

Paul Masterton Excerpts

Thursday 15th March 2018 Commons Chamber

[Mr David Davis]

That is an important question. I will certainly say to the right hon. Gentleman that it does not meet all our criteria. We want to maintain no physical structures at the border and no visible border—a very light-touch border. I remind him, however, that the border does exist as a financial border. There are different fiscal and excise policies north and south of the border, and we have to manage that now. We do so without the border being visible, and we will do that in the future.

[Paul Masterton (East Renfrewshire) (Con)]

If we leave the single market, we will also leave the passporting regime, as the Prime Minister has made clear. What steps is the Department taking to negotiate successor arrangements for UK financial services firms that access EU markets?

[Mr Robin Walker]

We are working closely with the Treasury to prepare for a comprehensive and ambitious arrangement on financial services. The Prime Minister gave an indication of that in her Mansion House speech, and we are very clear that it should be in the interests of both the UK and the EU to reach agreement in this area, not least to protect the financial stability of Europe.