[3rd Allotted Day]

Part of Business of the House – in the House of Commons at 11:51 am on 6th December 2018.

Alert me about debates like this

Photo of Philip Hammond Philip Hammond The Chancellor of the Exchequer 11:51 am, 6th December 2018

My right hon. and learned Friend is right that, strictly, the flow of trade in goods would be facilitated by such an arrangement, but there are two problems with the EFTA-EEA model. First, it would continue to impose on us the obligations of freedom of movement, which we believe the British people voted against in the referendum decision in 2016. Secondly, it would leave our financial services industry in particular extremely exposed to having to comply with a rapidly evolving body of EU regulation over which we would have no influence.