Future UK-EU Relationship on Professional and Business Services (EU Committee Report)

Viscount Trenchard Excerpts

Thursday 22nd July 2021 Lords Chamber

[Viscount Trenchard (Con) [V]]

My Lords, I declare my financial services interests as stated in the register. I congratulate the noble Baroness, Lady Donaghy, on securing this debate. I am glad that we just squeezed it in before the Summer Recess.

It was a great pleasure to serve on the EU Services Sub-Committee, under the excellent chairmanship of the noble Baroness. She skilfully led the committee—whose members represent different strands of opinion on Brexit and its effect on our services industry—to agree this report, and indeed our subsequent short report, without dissent.

Three minutes is not enough time to begin to comment on the myriad important issues identified in the reports, so I shall mention just three. First, we thought that the Financial Services Act was a missed opportunity to make major changes to our financial regulations. Since the return of powers to our regulators allows for a more flexible and innovative regime, it is still unclear precisely how Parliament will scrutinise regulations and hold the regulators to account. The report of the Taskforce on Innovation, Growth and Regulatory Reform, led by my right honourable friend Iain Duncan Smith, shows how the UK can seize the opportunities available from Brexit by reshaping its regulatory approach. Does my noble friend the Minister agree that we need to be swifter and bolder in reforming our cumbersome rulebook?

Secondly, a combination of Covid and new rules restricting travel to the UK for artists and creative support teams from the EU has increased costs and reduced opportunities for many festivals and events organisers. Can my noble friend confirm that the Government will continue to work with the EU and with member states to make it easier and cheaper for touring performers and crews to travel both to and from the UK?

Thirdly, our report called for a mutual commitment to high standards of intellectual property protection. The Chartered Institute of Patent Attorneys argues that divergence from EPO standards, such as the introduction of the grace period or the need for the ability to extend patent terms, should be resisted unless agreed as global standards in multilateral fora such as WIPO and Group B+. Does my noble friend the Minister think that this will present a problem in negotiating accession to the CPTPP, or does he think that our acceptance of CPTPP rules on patents would encourage the EPO to be more flexible in working towards international harmonisation of patent rules and a common rulebook for itself, the Japan Patent Office and the United States Patent and Trademark Office?