Commons Sense

House of Commons · Ministers' Questions

Services: EU Relationship

Thursday 14 January 2021 · 3 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 1 Partly answered 0 Not answered 0

Key points

  • The trade co-operation agreement secures continued market access across key service sectors including professional and business services.
  • The memorandum of understanding on financial services ensures financial stability and consumer protection.
  • The UK intends to set its own regulatory regime for financial services as the largest financial services marketplace in Europe.

Topics (select to filter)

Questions & Answers

Q1 Richard Thomson
Brexit Business & Trade
Context

Discussions are needed to secure and improve market access for UK service sectors after leaving the EU.

Question

What discussions does she plan to have with her EU counterparts on developing the relationship on services?

Answer from Greg Hands

The trade co-operation agreement secures continued market access across key service sectors, including both professional and business services. The agreement also includes a commitment to review the services provisions with a view to making further improvements, along with a specific joint declaration on regulatory co-operation in financial services. Specifics will be taken forward by the Cabinet Office and Taskforce Europe.

Answered
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Q2 Douglas Chapman SNP
Brexit
Context

Shares worth billions of euros have moved out of London to other European capitals after the EU exit. A trader called this a “stunning own goal” and predicted more such moves.

Question

What is the Minister's assessment of the damage Brexit will do to the UK's financial sector, and how many own goals can we expect in the future?

Answer from Greg Hands

The memorandum of understanding on financial services ensures financial stability and consumer protection, and we look forward to that being negotiated. I was not surprised by this question, but I was a little bit surprised that the hon. Gentleman was the one asking it.

Not addressed: Impact of Brexit on UK's financial sector

How: I Was Not Surprised By This Question, But I Was A Little Bit Surprised That The Hon. Gentleman Was The One Asking It.

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Q3 Deidre Brock SNP
Brexit
Context

The Prime Minister admitted that the deal is not optimal on trade and services, with Brussels indicating further restrictions if there is divergence from EU standards.

Question

Is it the Government's intention to give up access to the EU market or will the UK remain tied to the EU's regulatory framework?

Answer from Greg Hands

I have long experience in this space, having been a Treasury Minister, and there are of course advantages to the UK being able to set its own regulatory regime for financial services as the biggest financial services marketplace in Europe. I think the hon. Lady is wrong to characterise the treaty—she voted in favour of no deal—as not being good for services.

Not addressed: Government's intention regarding market access and regulatory alignment with the EU

How: I Think The Hon. Lady Is Wrong To Characterise The Treaty—She Voted In Favour Of No Deal—As Not Being Good For Services.

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