European Union: Future Relationship

Stephen Hammond Excerpts

Thursday 27th February 2020 Commons Chamber

[Michael Gove]

We are respecting the referendum result. In 2014, the people of Scotland voted to remain in the United Kingdom. This is a settled decision that, sadly, the Scottish Government seek to unpick to the detriment of all. After Scotland voted to be in the United Kingdom, the United Kingdom, whole and entire, voted to leave the European Union, and we are working to ensure that that democratic decision works in the interests of all.

[Stephen Hammond (Wimbledon) (Con)]

I welcome my right hon. Friend’s statement. The UK’s economy is primarily service based, and while I hear that taking back our borders means a separate treaty for fishing, which many people in coastal communities will welcome, many of my constituents are in financial services and probably represent more people than are employed by fishing in the entire UK. We have talked about taking back control of our money, so why not have a separate treaty for financial services? If not—I have heard his comments on equivalence—will he set out the Government’s position on equivalence when it comes to the derivation period?

[Michael Gove]

As my hon. Friend makes clear, financial services matter not just in Wimbledon, but across the United Kingdom, which is why, as stated in the document published today, we wish to conclude an agreement that will make provision for financial stability, market integrity and investor and consumer protection for financial services. We also want to secure mutual recognition of professional qualifications to ensure that everyone in our service sector can continue to have access to opportunities in every market in which they currently work.