European Council

Rushanara Ali Excerpts

Monday 24th October 2016 Commons Chamber

[The Prime Minister]

As I said in response to an earlier question, it is important that the leaders of the remaining 27 think about what the nature of the EU going forward should be. But I have also been clear with them that from the UK’s point of view the vote was not an attempt to break up the whole of the EU. We have an interest in seeing a strong EU and in working with it, with the UK continuing to be a strong and dependable partner. But I do think other leaders inside the EU should consider the message given by the British people when they voted on 23 June.

[Rushanara Ali (Bethnal Green and Bow) (Lab)]

The head of the British Bankers Association, a former adviser to the current Foreign Secretary, has warned that many of Britain’s biggest banks are preparing to relocate in early 2017, putting at risk some 70,000 jobs, many of which are in my constituency. Will the Prime Minister tell us how the Government plan to ensure that the UK-based banking sector retains passporting rights to operate freely elsewhere within the European Union after Britain leaves?

[The Prime Minister]

I have been clear in a number of responses this afternoon about the importance we place on being able not just to trade with but to operate within the European market—for goods and for services. I say that precisely because I am aware of the importance of financial services to the United Kingdom, to our economy as a whole and, obviously, to particular constituencies regarding individuals and their employment. Being able to operate within the European Union is important to other parts of our professional services, such as legal services. We are in discussions with the financial sector on the issues that it believes are the priorities for the future so that we can ensure that we are able to get the best possible deal in the negotiations.