New Partnership with the EU

Stephen Hammond Excerpts

Tuesday 17th January 2017 Commons Chamber

[Mr Davis]

The intention is none. To that end, the JMC will be considering a submission from the Government of Wales in—I think—the meeting after next.

[Stephen Hammond (Wimbledon) (Con)]

I believe that the Prime Minister’s plan is a pragmatic one setting out our ambition to continue to attract the best talent, to have access to the single market and to ensure a phased implementation. It certainly recognises the ambitions of the financial services industry. Will my right hon. Friend confirm to the House that he will follow the Prime Minister’s lead, put the needs of the financial services industry at the forefront of his negotiations and secure mutual recognition and equivalence in those negotiations?

[Mr Davis]

Following my earlier oleaginous comments, of course I will follow the Prime Minister’s lead. Yes, financial services are an enormously important industry, supporting—along with all the associated service industries that support it—1.9 million jobs, so we will treat it as incredibly important. It also generates a great deal of revenue for the Treasury, however, so even if I did not pay attention to it, I am sure the Chancellor would.