Outcome of the EU Referendum

Debate between Lord Cameron of Chipping Norton and Gerald Jones

Monday 27th June 2016 Commons Chamber

[The Prime Minister]

The reason I used the word “adjustment” is this: there are clearly short-term financial and volatility effects, as we have seen, but my worry is that there will be longer-term uncertainty effects. People and businesses will be concerned about the UK’s access to crucial markets, and so there might therefore be a more fundamental adjustment. Now that the decision has been taken to leave, we need to make sure that we get the best possible access to the market so that the adjustment is as small as possible.

[Gerald Jones (Merthyr Tydfil and Rhymney) (Lab)]

What assurances can the Prime Minister give to businesses in my constituency on the future of regeneration projects that were funded through the EU and the jobs that are linked to them?

[The Prime Minister]

The budget money is set out from 2014 to 2020, and while we are members of the EU all that money will continue to be spent. The crucial decision will be for the next Government at the point of departure, which could be 2017, 2018, 2019 or later, then to give reassurances to the hon. Gentleman and his constituents about how that European money might be replaced with something else.