Commons Sense

House of Commons · Ministers' Questions

UK-EU Agreement: Scottish Economy

Wednesday 27 January 2021 · 2 questions

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

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • The UK and EU agreed on a trade and co-operation deal that provides Scottish businesses with zero-tariffs and zero-quota access to the EU market.
  • The EU agreed for the first time to a zero-tariffs, zero-quota deal.
  • A joint declaration on regulatory co-operation in financial services was part of the agreement, to be codified in a memorandum by March.

Topics (select to filter)

Questions & Answers

Q1 Rachael Maskell Labour (Co-op) York Central
Scotland Business & Trade
Context

The question stems from concern over the effects of the UK-EU trade deal on Scotland's economic sectors.

Question

What assessment his Department has made of the effect of the UK-EU trade and co-operation agreement on the Scottish economy?

Answer from Iain Stewart

We have agreed a deal with the EU that fully delivers for Scotland and the rest of the UK. Our deal provides Scottish businesses with exceptional access to the EU's market: it is the first time the EU has ever agreed a zero-tariffs, zero-quota deal.

Partly answered

Not addressed: The assessment of specific effects on Scotland's economy was not provided.

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Q2 Rachael Maskell Labour (Co-op) York Central
Business & Trade
Context

Concern about the dependency of Scotland's financial and business service jobs on UK-EU negotiations, noting that no progress was made before December 2021.

Question

But almost one in six jobs in Scotland is based in the financial and business services sector, which is dependent on the UK Government negotiating a trade in services agreement with the EU, having failed to do so before the end of last year. What progress have the Secretary of State and his Cabinet colleagues made since leaving the transition arrangements in this area? What further steps is he taking to ensure that these jobs are secure for the future?

Answer from Iain Stewart

Alongside the agreement, we agreed a joint declaration on regulatory co-operation in the area of financial services. The parties will codify that in a memorandum of understanding by March.

Partly answered

Not addressed: The specific progress and steps taken to secure jobs were not detailed.

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