New Partnership with the EU Debate
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Jonathan Reynolds
Main Page: Jonathan Reynolds (Labour (Co-op) - Stalybridge and Hyde)Department Debates - View all Jonathan Reynolds's debates with the Department for Exiting the European Union
New Partnership with the EU
Jonathan Reynolds Excerpts(7 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)
Free trade in goods is much easier to achieve than the free flow of services where non-tariff barriers are the problem. How will the Government seek to ensure the continued success over time of UK financial service exports to Europe when we no longer get a say in the regulatory harmonisation that has facilitated that success so far?
Mr Davis
The hon. Gentleman may have noticed that last week TheCityUK, which obviously has an interest in the area he refers to, was talking about mutual recognition and external equivalence, as it were, rather than passporting. We have not arrived at a conclusion on that yet, but he is right that the goods side of it will be easier. That is partly because the single market is very incomplete in services. However, notwithstanding that, we have been very successful in this area, and he may take it as read that we will continue to facilitate that success.