New Partnership with the EU

Debate between Phil Wilson and David Davis

Tuesday 17th January 2017 Commons Chamber

[Mr Davis]

I am slightly loth to pin the entire effectiveness of the strategy on the currency markets, although I have to say that the two speeches have managed to move the pound by a total of 5%. I have made more money on that than in the rest of my entire industrial career! But I take the point. This is a very important issue and we must not give a running commentary on it. However, the Opposition had a point: clarity is worth while and that has been demonstrated today.

[Phil Wilson (Sedgefield) (Lab)]

The Prime Minister said in her speech that we are leaving the single market and that she is going to negotiate a free trade agreement with the EU. She said that the free trade agreement

“may take in elements of current single market arrangements in certain areas”.

She continued:

“If so…it is reasonable that we should make an appropriate contribution.”

Will the Secretary of State today confirm that the Government are considering continuing to make a financial contribution on that basis to the EU?

[Mr Davis]

The hon. Gentleman should have listened to the questions, when the Prime Minister elaborated and pointed out that there are elements of the European Union where it is to our benefit—some of the research arrangements and so on. We are not in the business of going into great detail beyond that. As I have said before, we are not closing doors but nor are we committing to things at this point.