Oral Answers to Questions

Deidre Brock Excerpts

Thursday 14th January 2021 Commons Chamber

[Douglas Chapman (Dunfermline and West Fife) (SNP)]

What discussions she plans to have with her EU counterparts on developing the relationship on services.

[Deidre Brock (Edinburgh North and Leith) (SNP)]

What discussions she plans to have with her EU counterparts on developing the relationship on services.

[Richard Thomson (Gordon) (SNP)]

What discussions she plans to have with her EU counterparts on developing the relationship on services.

--- Later in debate ---

[Greg Hands]

The memorandum of understanding on financial services ensures financial stability and consumer protection, and we look forward to that being negotiated. I was not surprised by this question, but I was a little bit surprised that the hon. Gentleman was the one asking it. It is not that long ago that he said:

“Leaving the European Union without a deal in place is an act of economic self-harm”.

But that is precisely what he voted for on 30 December.

[Deidre Brock [V]]

The Prime Minister admitted that the deal is not up to the job on trade and services, and Brussels has made it clear that access will be restricted further if there is divergence from the EU’s standards. Is it the Government’s intention to give up access to that market, or will the UK remain wedded to the EU’s regulatory framework?

[Greg Hands]

I have long experience in this space, having been a Treasury Minister, and there are of course advantages to the UK being able to set its own regulatory regime for financial services as the biggest financial services marketplace in Europe. I think the hon. Lady is wrong to characterise the treaty—she voted in favour of no deal—as not being good for services. There are good provisions on business travellers, excellent provisions on legal services, and very, very good provisions on digital and data. I am a little bit surprised that she is not more supportive of the deal.