UK-EU Agreement: Scottish Economy

Scotland – in the House of Commons on 27th January 2021.

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Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

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

Photo of Iain Stewart Iain Stewart Government Whip

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. But of course we also now have the freedom to strike new deals with the fastest-growing parts of the global economy.

Photo of Rachael Maskell Rachael Maskell Shadow Minister (Digital, Culture, Media and Sport)

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?

Photo of Iain Stewart Iain Stewart Government Whip

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.