Trade Bill — House of Commons, 2018-01-09
Topic: Foreign Trade
Hannah Mary Bardell (Scottish National Party, Centre-left): I thank my hon. Friend for his intervention, and I remind the hon. Member for Milton Keynes South (Iain Stewart) that it was the Chancellor who said that flights being grounded is a concern. Financial services of all kinds, from insurance to loans to derivatives, could be disrupted because UK firms are not able to continue servicing EU customers, or vice versa. EU banks that have derivatives cleared through UK central counterparty clearing houses might be in breach of regulations, as those central counterparties may not be authorised. I appreciate this is a technical point, but it is important. Contracts may have to be unwound, or may become unenforceable. According to reports from the Association for Financial Markets in Europe, €1.3 billion of bank assets, including loans, securities and derivatives, may need to be moved from the UK to the EU. I am sure the Secretary of State is familiar with those issues, but I wonder what he and his colleagues will do about it This Bill also gives the Government power to implement agreements with partner countries corresponding to the EU’s free trade agreements. We have serious concerns about that, and we hear that the UK Government are off negotiating deals in the US—top-secret deals that the Secretary of State has said should remain classified for four years after a deal is struck, which beggars belief This Trade Bill also provides measures for HMRC to collect data on behalf of the Government—the hon. Member for Ribble Valley (Mr Evans) asked whether I did not agree that should happen, and I have no problem with it. It is important that it happens, but it is about how it happens. It is vital that data is collected in an appropriate fashion, and the Law Society of Scotland has expressed concerns: "We are concerned that clause 7(1) grants a very wide discretion to HMRC to require information. The scope of this provision should be more clearly defined to give greater certainty as to the extent of information and the anticipated frequency and method of data collection." The focus of the Scottish Government, and of the Scottish National party in power in Scotland, has always been to preserve our place in Europe for the benefit of business, the economy and families everywhere. The only way a hard Tory Brexit can be avoided is if Labour joins the SNP in supporting our continued membership of the single market and the customs union in these Brexit negotiations. I know these Benches are not very comfy, but some of the bums opposite must be pretty sore from sitting on the fence. We really need to get together on this issue Liberty has expressed deep concerns: "The plans are the latest attempt by ministers to undermine democracy and bypass parliamentary scrutiny of the Brexit process, after the EU (Withdrawal) Bill and Data Protection Bill contained similar ‘Henry VIII’ powers." The EU (Withdrawal) Bill defines "retained EU law" as including primary legislation that gives effect to EU mandates, such as the Equality Act 2010 and the Modern Slavery Act 2015 The concerns continue to be wide ranging not just on the Opposition Benches but across society I close by sharing a little lyric I wrote that sums up the current situation: "B-R-E-X-I-T Fed up with Brexit, me three, Trading relations headed down the ‘swanee’ If it doesn’t fit on the side of a bus, Then let’s not say it, don’t make a fuss Phase one was a floundering mess The Prime Minister said she did her best The Irish border was the sticking point, and the DUP Cross-border trade we’re told it’s possible, it’s about wording, you see A fudge not a dodge Or has the right hon. Lady for Maidenhead, really lost the thread The Brexit spool unravels Our economy headed south and what about travel Blue passports we’re told Ah, perfect, imported they’ll be, that’s me, I’m sold Choose Brexit, choose a new queue, At the airport, we’ll be going through It’s for the next generation of children I fear Erasmus, international trade, travel will be lost, I shed a tear LGBT rights, workers’ rights, equal pay, All important things, the EU has paved the way, On the night of the referendum, and then the next day Promises made were dead straightaway How will history judge, our politicians of today All of us here, not well, I’d say Not all of us want to be facing this mess, In Scotland we voted to stay in, we think it’s for the best So let’s get together and stop this guddle, For the sake of our future, we need out of this Brexit muddle."