Oral Answers to Questions

Robert Neill Excerpts

Thursday 2nd November 2017 Commons Chamber

[Mr Walker]

The hon. Lady makes a good point. I refer her to our future security paper, which makes clear our interest in co-operating on these matters. This House takes children’s rights extremely seriously and we will ensure that we establish the best approach to them in both the negotiations and our own domestic law.

[Robert Neill (Bromley and Chislehurst) (Con)]

11. What representations he has received on the future of the euro clearing market.

[The Parliamentary Under-Secretary of State for Exiting the European Union (Mr Robin Walker)]

Since the creation of our Department a year ago, my colleagues and I have engaged widely with the financial services industry and others with a stake in London’s euro clearing market. We have received representations from, and had meetings with, a wide variety of stakeholders, including UK Finance, TheCityUK, the Association of Foreign Banks and the Investment Association, and we will continue to do so.

[Robert Neill]

Because of our current ability to access European markets, the London financial services sector processes transactions worth about £880 billion every day. For context, that is about 100 times our net annual contribution to the EU, and about 15 times the highest sum that has been spoken of as a potential financial settlement. Against that background, does not my hon. Friend agree—

[Mr Speaker]

Order. I am glad that the question mark is coming. Questions are terribly long-winded today; it really is very poor. Anyway—blurt it out, man!

[Robert Neill]

Against that background, is it not imperative that we secure a deal on leaving the European Union that will protect access to European markets for our financial services?

[Mr Walker]

My hon. Friend draws attention to the huge importance of the global financial centre in London to the whole of Europe. The Government are well aware of the importance of financial services market access. Our access brings benefits to businesses and customers across the UK and Europe, and we are determined to maintain the City’s competitiveness now and into the future. That is why we are working closely with the Treasury to ensure that we have the strongest possible offer on reciprocal market access in this space.

--- Later in debate ---

[Mr Baker]

That work is currently ongoing. Departments have set out that, together, they will expect to introduce between 800 and 1,000 statutory instruments in order to carry forward the degree of certainty and continuity that we expect to deliver through the repeal Bill. In due course we will of course put all those instruments before the House.

[Robert Neill (Bromley and Chislehurst) (Con)]

The president of the European Free Trade Association court will visit London later this month. Will my right hon. Friend the Secretary of State take that opportunity to explore with him the potential that that court might offer a means of resolving potential legal disputes and other matters of resolution in a transitional future arrangement?

[Mr David Davis]

Actually, I have already met the president of the EFTA court. He has come to see me before and is a very—how can I say it?—enterprising individual who I think wants to get more business for his court. We will of course look at all options. I do not think the EFTA court is likely to be the one that we land with, but when we go through the whole question of arbitration mechanisms, which we will need to have, we will of course look at all options.