Oral Answers to Questions

Tom Brake Excerpts

Thursday 2nd November 2017 Commons Chamber

[Mr Walker]

We absolutely do take this issue seriously. Neither the Council nor the European Parliament has yet reached a position on this proposal. Negotiations are ongoing, and the Council is still discussing the merits of location policy. The UK is very much involved in those discussions. As the hon. Lady knows, the Treasury leads on financial services, including ongoing business-as-usual EU negotiations, and this is an issue on which we continue to work with it very closely.

[Tom Brake (Carshalton and Wallington) (LD)]

Of the 75,000 people that the Bank of England predicts could lose their jobs, what percentage might come from the euro clearing sector? Would the Minister support the call from the Bank of England for an amendment to the European Union (Withdrawal) Bill to protect derivatives?

[Mr Walker]

The right hon. Gentleman refers to a figure that I understand the Bank of England discussed but did not produce. With regard to amendments to the repeal Bill, we look forward to debating all of them during its upcoming Committee stage.

--- Later in debate ---

[Mr Robin Walker]

As the hon. Gentleman well knows, a discussion is under way with the devolved Administrations through the Joint Ministerial Committee (EU Negotiations) led by the First Secretary of State. Agreement has been reached on principles where common frameworks will be required. I look forward to that discussion, agreeing a long list of powers, as we increase the competence of each of the devolved Administrations.

[Tom Brake (Carshalton and Wallington) (LD)]

Far from creating a global Britain, the Government have created a Britain in which EU citizens are having to seek counselling, and 10% of them who worked in the NHS have left. Why will the Government not ring-fence this matter or issue a unilateral declaration to provide certainty for those EU citizens?

[Mr Walker]

The Prime Minister has been very clear from this Dispatch Box that we want EU citizens to stay. We are negotiating to achieve certainty over the way in which that will work under the legal frameworks of the EU and the UK. It is very important that we do that and get that agreed as soon as possible.