Financial Assistance to Ukraine Bill

Debate between Stephen Gethins and Darren Jones

Committee of the whole House
Wednesday 18th December 2024 Commons Chamber

[Darren Jones]

I thank the right hon. Member for his contribution. As we debated on Second Reading, this is a commitment across G7 partners and with the European Union to take action on the proceeds of the assets that are held. For other complicated legal reasons, there is no intention to seize those assets at this time.

[Stephen Gethins (Arbroath and Broughty Ferry) (SNP)]

I thank the Minister for his acknowledgement of the cross-party support for this measure, but to back up my colleague, the right hon. Member for New Forest East (Sir Julian Lewis), the $3 billion from the UK is generous and will make a difference, but the $300 billion in frozen assets would be utterly game changing. I accept the Minister’s argument at the moment about some of the more complicated legal issues. I know that he accepts the very serious situation that the Ukrainians are facing on the front, defending all of us. May I encourage him merely to continue to look at this issue and see whether he can work with G7 colleagues to find a way of unpicking the difficulties that he has highlighted?

[Darren Jones]

I welcome the hon. Gentleman’s encouragement, which I take in good faith. He will know that these matters are multilateral and subject to negotiation with other allies and G7 colleagues, but he will also know, as I am sure the whole House does, that we go into 2025 with a strength of resolve across those G7 countries to do all that we can to help Ukraine continue to mount its defence against the illegal invasion from Russia.

Any other payments beyond the extraordinary revenue acceleration loans to Ukraine or any other country that are unrelated to the ERA scheme are not covered by the provisions of the Bill; this money is in addition to other grants and payments that have been referred to in the House previously.

The clause contains provision for the UK to provide funding towards subsequent arrangements that are supplemental to, modify or replace the ERA. This provision allows for flexibility in the unlikely event that the scheme itself should significantly alter. It is not intended to be used without this change in circumstances.

Clause 2 simply sets out the short title of the Bill.

Oral Answers to Questions

Debate between Stephen Gethins and Darren Jones

Tuesday 3rd December 2024 Commons Chamber

[Stephen Gethins (Arbroath and Broughty Ferry) (SNP)]

On economic black holes, the Labour Mayor of London thinks that Brexit punched a £40 billion black hole in the public finances. A very simple question for the Chancellor: has leaving the EU been a net positive or a net negative for the public finances?

[Darren Jones]

The Government have no overall estimate of the impact of the UK’s exit from the EU, but the OBR has projected a 4% drop in productivity in the long term. That is why we are starting negotiations with the EU to improve trade in our mutual interest.