EU-UK Summit

Debate between Tulip Siddiq and Stella Creasy

Thursday 22nd May 2025 Westminster Hall

[Ms Stella Creasy (Walthamstow) (Lab/Co-op)]

I beg to move,

That this House has considered the EU-UK summit.

It is a pleasure to serve under your chairship, Ms McVey, for a debate on such an important issue. Let me start with what I believe is a truism in British politics: we can learn a lot from Disney and the films of our childhood. In this debate, the words of Elsa from “Frozen” are particularly apposite for those people who are still obsessed with the debates of 2016 and 2019: it is time to let it go. I suspect that many Members across the House would agree with that, because 2016 was a long time ago, and time has moved on.

It was 2016 when President Trump was elected for the first time. It was the year that, sadly, David Bowie passed away. It really is that long ago. Russia was involved in a war in the Donbas, but no further. TikTok did not even exist—that was not until 2019, which is also now a very long time ago and was when we finally actually left the European Union with the deal struck under the trade and co-operation agreement. It was also, of course, the year of “Frozen II” and that famous song “Into the Unknown”, and it was the year that Greggs gave us a vegan sausage roll, Notre-Dame burned down, Boris Johnson was elected as Prime Minister and “Game of Thrones” finally finished—not the Conservative leadership challenges, but the television series.

My point is that so much has happened in our history since the tired old debates were first rehearsed. Let us not do that today, because we have left the European Union. I stand here as chair of the Labour Movement for Europe, seeking not to prosecute an argument to rejoin but to look at the summit and the deal that was struck on Monday. Frankly, I do not believe this country has time to engage in the discussion around rejoining. We need a salvage operation, and I see Monday’s deal as the start of that operation to salvage a future following the impact of Brexit.

Even if we disagree on that salvage operation, I hope we can convince the Minister that there needs to be more scrutiny of our relationship with Europe. We might disagree about the direction of travel, but we are bound together by a recognition that taking back control means that this place needs to have discussions about the deals and the opportunities and what they mean for our constituents. Perhaps, like Banquo’s ghost, the former Member for Stone still lives with us; but actually, we can all show today that were we to have European scrutiny formats in the House, it would be a positive and constructive contribution to the deal-making process.

That is what is on offer today: the opportunity to take us forward, not back. We can now see the impact of the Brexit deal on our constituents. Our constituents need us to ask questions about what will happen next—about the 1.8 million jobs that we are missing as a result of the deal that was struck, the stagnation in the growth of exports and the 16,000 businesses that gave up trading as a direct result of the “benefit” of Brexit, which was paperwork.

The EU is our biggest trading partner: it accounts for 41% of our exports and 51% of our imports. In comparison, the US accounts for just 22% of our exports and 13% of our imports. Clearly, this is a fundamental relationship for the future of British business and British jobs. The summit on Monday was an opportunity not just to look at the trade and co-operation agreement—what was written into the very details of the deal, five years on—but to do something that the public want. Two thirds of the public tell us that Brexit has been detrimental to the cost of living, 65% say it has had a negative impact on our economy, 64% think it has been bad for British business, and 60% think that a closer relationship with Europe is in our interests.

[Tulip Siddiq (Hampstead and Highgate) (Lab)]

My hon. Friend will know my views on Brexit—I represent a constituency in which 87% of people voted to remain and I represent 22,000 EU nationals, who are part of the fabric of our community—but I want to ask her about young people, who she will probably mention at some point. The statistics show that there has been a 30% drop in the number of schoolchildren going to Europe on school trips, and that disadvantaged areas have been hit the hardest—

[Tulip Siddiq]

The UK is not part of the list of travellers scheme, which is why it is so hard for schoolchildren to go on trips. Does my hon. Friend agree that we should have better access to Europe, like we had when we were growing up?

[Ms Creasy]

As somebody who still remembers a powerful school trip to Ypres to look at the first world war sites, I know that the dramatic decline in school trips to Europe is harming our children’s education. I am sure the Minister will want to refer to that.

The public are living in the world we are in now, which is why they want us to look at the deal. They recognise that Europe now has the highest employment rate since 2005, whereas elsewhere the second-term Trump Administration have brought tariffs and turmoil, just 121 days in; Putin has now invaded Ukraine itself; there is a horrific conflict in the middle east; and China and Iran now figure in our national security concerns, too. And as ever, technology overruns us all. There are now 159 million TikTok users in Europe, and it is predicted that within three years some 15% of our day-to-day decisions will be made by artificial intelligence. All of us will probably become redundant; I shall leave it to Conservative Members to decide whether that is a good or bad thing. Everybody else has moved on. It is time that we in this House do, too.

In that spirit, let me fail to heed my own words and turn to perhaps one of the most damaging aspects of the Brexit debate. I welcome the Minister’s hard work and the deal that has been struck as a testament to the ambitions of the previous Prime Minister, Boris Johnson, and the concept of cakeism. It is truly incredible to see that, far from it being impossible to be pro cake and pro eating it, the new bespoke deal delivers for the UK in many ways that many people had suggested were not possible.

I put on the record my support for the formal security and defence partnership, with the promise of exploring participation in a new defence fund while retaining our red line about not participating in the single market. I will, of course, take an intervention from any Conservative Member who wishes to apologise for the deliberate refusal of the previous Government to put anything about foreign policy or defence co-operation into the previous deal—a decision that has left us uniquely exposed.

Oral Answers to Questions

Debate between Tulip Siddiq and Stella Creasy

Tuesday 3rd December 2024 Commons Chamber

[Tulip Siddiq]

I understand that lots of people have suffered, as the report explains, which I said I have read. However, I do have confidence in the FCA; I have sent it remit letters outlining what we expect it to do to deliver on its objectives. The FCA is looking at certain things such as its rulebook, which we think is too extensive, to look at rules that no longer need to be applied but, overall, we are working with the FCA closely and we believe that it is trying its best. It is not possible to have a system where nothing ever goes wrong, but we are trying to minimise that and ensure that there is consumer protection. The FCA knows that we are working together to deliver on its objectives.

[Ms Stella Creasy (Walthamstow) (Lab/Co-op)]

5. What assessment she has made of the adequacy of funding for the Money and Pensions Service.

Financial Services: Mansion House Speech

Debate between Tulip Siddiq and Stella Creasy

Monday 18th November 2024 Commons Chamber

[Tulip Siddiq]

I thank the hon. Lady for her comments. I will pass them on to the Financial Secretary to the Treasury, who will look into the matter. I am worried to hear what she says about SMEs; she is absolutely right that they are the heart and soul of our economy—we should be looking into that. I will ensure that he writes to her, but if she needs a further meeting, I am sure he will meet her.

[Ms Stella Creasy (Walthamstow) (Lab/Co-op)]

Members from across the House have long called for financial regulation of “buy now, pay later” companies. Because of the delay in regulating those companies, a third of people seeking debt advice do so because of them. The Woolard report in 2021 identified the urgency of the FCA regulating the industry as soon as possible. I welcome the Government’s commitment to regulating them, but I am bemused, as many are, as to why it will take until 2026 for the regulations to take effect and for our constituents to be protected. Everybody knows that regulation needs to happen, and what the regulations are, and the FCA has been waiting since 2021 to do it—so why are we giving these legal loan sharks two Christmases-worth of presents, and allowing them to exploit our vulnerable constituents in this cost of living crisis?

[Tulip Siddiq]

I thank my hon. Friend for her question. She has done an enormous amount of work in this area, and I applaud her for that. She was instrumental in the Government taking our initial steps to regulate the “buy now, pay later” sector. There is a need for “buy now, pay later” during a cost of living crisis, and people will access those companies’ products, but I have brought this under FCA control so far, and have regulated to ensure that it is safer, and that people do not store up a huge amount of debt that they cannot pay back. The consultation is open until 29 November, and I ask her to urge others to feed into it to ensure that we get this policy right; that was not done by the previous Government. I will bring forward legislation as quickly as possible, but I thought it was important to hear what people and the industry had to say, because we want to regulate properly. She is being patient, and I ask her to be a bit more patient; our intention is to make the sector as well regulated as possible under the FCA.