New Partnership with the EU

Steve Baker Excerpts

Tuesday 17th January 2017 Commons Chamber

[Mr Davis]

I will say to the right hon. Lady what I said to the head of the TUC only a couple of weeks ago: there is no circumstance under which we will rip up workers’ rights. That is my commitment from the beginning in this job, and it will be my commitment for as long as I am in it.

[Mr Steve Baker (Wycombe) (Con)]

The Governor of the Bank of England recently told the Treasury Committee that the financial stability risks to the eurozone are greater than those faced by the UK. Will the Secretary of State undertake to offer the European Union a full agreement to ensure that, through the withdrawal agreement, the eurozone continues to enjoy access to the City of London?

[Mr Davis]

The Governor and my hon. Friend make a very good point. The existence of the City of London ensures a pool of liquidity and an almost bottomless source of low-cost finance for most of the industries of Europe, so countries have every interest in doing the deal we have described. I reiterate that that is what we are relying on: that it is in everybody’s interests to do this—economically, socially and in terms of financial stability.