Leaving the EU: Implementation

Debate between Stephen Hammond and Robin Walker

Monday 29th January 2018 Commons Chamber

[Stephen Hammond (Wimbledon) (Con)]

The welcome news on Friday that the UK economy grew more strongly in the fourth quarter highlights the importance of the services and financial services sectors to this economy. In response to a question on a previous occasion, the Secretary of State for Exiting the European Union said he accepts that the future of financial services relies on a closely aligned regime of regulatory equivalence and mutual recognition. Does the Minister agree that that is still the policy of the Government?

[Mr Walker]

I thank my hon. Friend for his question. Of course it is the policy of the Government to achieve a comprehensive free trade agreement with the European Union, building on the strong relationship we have had over the years to ensure we maintain strong market access for our services industry, including financial services. As he will know, the financial services sector is one of the many that has spoken up for this implementation period we are talking about delivering.

Oral Answers to Questions

Debate between Stephen Hammond and Robin Walker

Thursday 27th April 2017 Commons Chamber

[Mr Walker]

Absolutely. My hon. Friend is right to raise that point. We must work continuously to ensure that we protect the peace, the agreements that underpin it and the close and unique relationship between the UK and the Republic of Ireland, which is in a better state than it has been in decades.

[Stephen Hammond (Wimbledon) (Con)]

5. What steps the Government plan to take to help the financial services industry prepare for the UK leaving the EU.

[The Parliamentary Under-Secretary of State for Exiting the European Union (Mr Robin Walker)]

We want to ensure that UK companies have the maximum freedom to trade with and operate in European markets, and to let European businesses do the same in the UK. Financial services is one area for which a bold and ambitious trade agreement will be sought, and we will continue to talk to the industry as we prepare for negotiations. The Government have made it clear that we believe implementation periods will be important to minimise disruption, and the industry has welcomed that. The great repeal Bill will prepare the ground for the UK’s exit so that on the day we leave there is as little disruption and as much certainty and continuity as possible. A strong, stable Conservative Government will be best placed to deliver that.

[Stephen Hammond]

I am grateful for the confirmation that the Government intend to include financial services in the free trade agreement. Will the Minister confirm that we will negotiate to ensure maximum access for licensed firms on the basis of mutual recognition and an equivalence regime?

--- Later in debate ---

[Mr Walker]

I assure my hon. Friend that, as befits the tough reputation of both our Secretary of State and the Prime Minister, we will be robust in defending the UK’s national interest throughout this negotiating process. As the Prime Minister set out in her Lancaster House speech on 17 January, the days of Britain making vast contributions to the European Union every year will end. A strong, stable Government led by our right hon. Friend the Member for Maidenhead (Mrs May) will be best placed to secure the best deal for the British taxpayer. Just as our first lady Prime Minister secured the rebate and value for the British taxpayer, I am sure our second will fight Britain’s corner throughout the negotiations.

[Stephen Hammond (Wimbledon) (Con)]

T1. If he will make a statement on his departmental responsibilities.