Richard Holden
Main Page: Richard Holden (Conservative - North West Durham)Department Debates - View all Richard Holden's debates with the Cabinet Office
(3 years, 7 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Michael Gove
The hon. Gentleman makes an important point. Equivalence is decided by the EU. It is an autonomous process separate from but occurring in parallel with the negotiations. As I mentioned earlier, with the Prime Minister having drawn attention to the slow pace in these processes, we have seen an acknowledgement of that on the EU side. The EU is obviously a sovereign equal and will make its own decisions, but I should say that it helps EU businesses to have access to the broad and deep capital markets that we have in this country. Were the EU to cut itself off from our capital markets and financial services, the cost of EU businesses’ transactions would increase and their shareholders would lose out.
Mr Richard Holden (North West Durham) (Con)
This Government were elected with an overwhelming mandate to get Brexit done. In fact, substantially in order to ensure that the 2016 vote was respected, constituencies such as mine and others across the blue wall returned Conservative MPs for the first time ever. Will my right hon. Friend confirm that, in order that to give businesses clarity and to respect the will of the people of North West Durham, there will be no extension to transition?
Michael Gove
Yes. My hon. Friend is a brilliant advocate for the people of Consett and the whole of his constituency. There will not be an extension.