Oral Answers to Questions

Jonathan Reynolds Excerpts

Tuesday 6th November 2018 Commons Chamber

[Mel Stride]

The commitment we have made is that the deal agreed between us and the EU—we are confident we will achieve exactly that—will be fully analysed in an appropriate way and delivered to this House so that during the days in the run-up to the meaningful vote all Members of the House will have an opportunity to properly study that analysis.

[Jonathan Reynolds (Stalybridge and Hyde) (Lab/Co-op)]

Last week’s Budget certainly did not end austerity, but we all heard that things could be even worse in the event that the Government fail to get a good Brexit deal. In the Chancellor’s own words, that would necessitate a new Budget entirely, so may I ask the Financial Secretary an entirely straight question: how will the Government react to the loss of even 10% of our tax revenues from financial services in the now likely event that our market access is diminished?

[Mel Stride]

The hon. Gentleman raises the issue of financial services, and of course he will be aware that recent progress has been made on that issue with our European partners in the negotiation. As for the impact of an actual deal, as I say, we do not know exactly what that deal will look like at this stage. When we do, we will come forward to the House with an appropriate announcement.

[Jonathan Reynolds]

The reason the Minister keeps having to give the same answer is that the Government’s answer is woefully inadequate. Business needs certainty and the Government have run out of time, so will he at least acknowledge that securing no more than equivalence to what is already available to third countries would be insufficient? Is it not the case that if people want a Brexit deal that really protects jobs and tax revenues, and they want to end austerity, the only way they can have both is with a Labour Government?

[Mel Stride]

It was all going so well—not that well, actually, but it got a sight worse towards the end. Government Members know that we are taking the responsible decisions to move forward a very difficult and detailed negotiation. At the appropriate time, when we have a deal—we are confident we will do that—we will present it to the House, and the House will then be able to express its view on it.