Theresa Villiers
Main Page: Theresa Villiers (Conservative - Chipping Barnet)Department Debates - View all Theresa Villiers's debates with the Cabinet Office
(1 year, 1 month ago)
Commons ChamberRead Full debate Read Hansard Text Watch Debate Read Debate Ministerial Extracts
Mr Baker
On the proposal for dual regulation, that was not what constituent businesses in Northern Ireland wanted. At some point, even unrelenting figures such as myself do need to compromise and give the voters what they want. I recognise that compromise is extremely difficult. We are in a position where we have an opportunity to move forward together. The right hon. Gentleman knows, as I do, that the manufacturing of most of the kinds of goods to which he is referring is done to international standards. So given all the circumstances, this is a reasonable compromise for Northern Ireland.
Theresa Villiers (Chipping Barnet) (Con)
The Minister of State, Northern Ireland Office (Mr Steve Baker)
The Northern Ireland economy has the ingredients required for economic success: exceptional talent, creativity, innovation and a healthy spirit of private sector entrepreneurship. Last week, the Secretary of State was delighted to visit the United States, and next week I will be visiting the USA and Canada to promote the excellent investment opportunities in Northern Ireland. We are, of course, also planning an investment summit.
Theresa Villiers
One way to attract foreign direct investment is by creating the right regulatory climate. The Minister has been a strong advocate for post-Brexit regulatory reform to make our rules more competitive, targeted, agile and modern. So when does he think we will get to the position where we can do that in Northern Ireland, in the same way that Brexit allows us to do it in Great Britain?
Mr Baker
My right hon. Friend and I have walked a long way in these various battles together and she knows very well what she asks me. On goods, we have to make sure that we can keep open an infrastructure-free north-south border, but the unique position of Northern Ireland is that on services regulation it will be subject to UK law and UK trade agreements. So where we have comparative advantage, particularly in Northern Ireland on issues such as fintech, we will be subject to UK law and UK regulation and have access to global markets through the kind of trade agreements and services that it is in all of our interests to strike, in order to serve the comparative advantage of the whole UK. This is the unique opportunity now facing Northern Ireland, and I want us all to seize it in every way we can.