Retained EU Law (Revocation and Reform) Bill

Part of the debate – in the House of Commons at 3:00 pm on 25 October 2022.

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Photo of Jonathan Reynolds Jonathan Reynolds Shadow Secretary of State for Business and Industrial Strategy 3:00, 25 October 2022

I certainly can. I have always said, for instance, that Solvency II could be improved by having to do the regulation on a basis in this country. If we look at the Government’s approach to that area through the financial services and markets legislation, we see that they are taking exactly what might be termed a more sensible approach, going on a sector-by-sector basis, putting forward positive proposals, rather than following the sunset clause procedure, which is so reckless and uncertain. I say genuinely to the right hon. Gentleman: please have the humility to look at the damage done in the past four weeks, and the role of Government Members in that, and perhaps think, “What if we are wrong, and what are the consequences if we are?”