EU Exit: End of Transition Period

Stephen Hammond Excerpts

Wednesday 23rd September 2020 Commons Chamber

[Michael Gove]

I have not met anyone in that position. The truth is, of course, that we left on 31 January. Increasingly, I find lots of people in Scotland who, the more they look at the position of the Scottish National party and the Scottish Government, are becoming yes-to-no voters—that is the growing trend.

[Stephen Hammond (Wimbledon) (Con)]

I welcome my right hon. Friend’s statement. He will know that there are two important industries in the UK that begin with the letter F: one contributes £1.4 billion to the UK economy; the other contributes £132 billion and employs more than a million people. In his July statement, my right hon. Friend committed the UK to upholding international norms so that there is a free flow of capital and efficient markets. Is he convinced that he can still deliver those international norms so that there is delegation? Is he convinced that there will be equivalence for UK financial services in July 2021?

[Michael Gove]

I am confident of that. One thing about equivalence is that it is what is called an autonomous process in the EU. To be very fair to the EU, since the Prime Minister drew attention to the slow progress of some of those autonomous processes, it has meant an acceleration, so I am confident, yes.