I do not know how much engagement my right hon. Friend has with the insurance industry, but it would baulk at the notion that an insurance policy is time-limited. If someone is covered by an insurance policy against the acquisition of some terrible disease, such as asbestosis, it may be 10 or 20 years later that they discover they are a sufferer. They would expect the insurance put in place to cover them. The European Union and the Irish Government are very clear that the withdrawal agreement is negotiated on the basis that the backstop provides an absolute reassurance that in every circumstance, the Irish border will remain open.
The Prime Minister said earlier this evening that her deal is a compromise, and she was clear in her Lancaster House speech at the outset of the process that achieving an agreement would require compromise. The political declaration that has been achieved has exceeded our expectations in the commitments that the EU has made: an agreement to construct the closest economic relationship between the EU and any advanced economy in the world; a free trade area for goods with no tariffs, no fees, no charges and no quantitative restrictions; a commitment to an ambitious relationship on services and investment, including financial services, building on the most ambitious achievements of EU trade deals; and agreement to further co-operation across a wide range of sectors, from transport to energy and data. It provides a strong basis on which to negotiate the legal text of our future partnership agreement, and the Prime Minister has made it clear that we expect Parliament to play a prominent role as we shape the political declaration into a legally binding text.