Oral Answers to Questions
Debate between Paul Masterton and Robin Walker(6 years, 8 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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.
European Free Trade Association
Debate between Paul Masterton and Robin Walker(6 years, 9 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
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Mr Walker
The Government are ambitious about the extent of the trade agreement we can do with the EU. The EU has a number of trade agreements with other countries where there is mutual recognition and regulatory alignment, but not the absolute harmonisation of rules. I do not accept the premise of the hon. Gentleman’s argument.
I will not be able to cover all the comments, so I want to focus a little more on international trade. Members have asked why we do not plan to rejoin EFTA as a way of continuing our trading relationships with its members and trading with the wider world through the adoption of its existing free trade agreements. As I have already stated, EFTA has a network of 27 free trade agreements as compared with the EU’s 40 FTAs. While many of those agreements significantly overlap, EFTA agreements still focus on traditional areas of market access and therefore tend to be less comprehensive and more goods-focused than those of the EU. It is also notable that some EFTA FTAs specifically exclude trade remedies that the UK may seek to have as part of our independent trade policy. The UK is in many ways different from those countries.
Paul Masterton
Is the point not that by joining EFTA, we can roll into the existing EFTA trade agreements and agree a new bilateral trade deal at the same time? We would be protected while striking out our own trade deal.
Mr Walker
My hon. Friend makes an interesting point. It is certainly true that a number of the EFTA states have those bilateral arrangements, but it is important to note that even if EFTA members were to welcome us back—as the hon. Member for Glenrothes pointed out, that is not a certainty—we would not have immediate or automatic access to their 27 FTAs. Our entry into each one would need to be negotiated individually with the third countries involved. That process would take time, with no guarantee of success. EFTA is not an off-the-shelf model that would deliver ready-made trade deals, as some have suggested. Instead, as I said earlier, leaving the EU offers us an opportunity to forge a new role for ourselves in the world: to negotiate our own trade agreements and to be a positive and powerful force for free trade. As Members know, we are committed to delivering continuity in the EU’s existing trade relationships with third countries.
Leaving the EU: Implementation
Debate between Paul Masterton and Robin Walker(6 years, 9 months ago)
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Urgent Questions are proposed each morning by backbench MPs, and up to two may be selected each day by the Speaker. Chosen Urgent Questions are announced 30 minutes before Parliament sits each day.
Each Urgent Question requires a Government Minister to give a response on the debate topic.
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Mr Walker
We have of course already confirmed, and agreed through the joint report, that those people who are already in this country—he refers to some in his constituency—are going to be able to stay. They will be able to apply for a new settled status. We are about to enter into the negotiations on the implementation period. We have been clear that people will continue to be able to come to the UK during that period, but they will need to register.
Paul Masterton (East Renfrewshire) (Con)
The British people are, in the main, not ideological but practical and pragmatic. They simply want Brexit to work. Will the Minister assure me that the Government’s policy will be dictated not by fringe groups, either in this place or outside it, but by the national interest?