Brexit Deal: Referendum
Debate between Geraint Davies and Lee Rowley(6 years, 5 months ago)
Westminster HallRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Westminster Hall is an alternative Chamber for MPs to hold debates, named after the adjoining Westminster Hall.
Each debate is chaired by an MP from the Panel of Chairs, rather than the Speaker or Deputy Speaker. A Government Minister will give the final speech, and no votes may be called on the debate topic.
This information is provided by Parallel Parliament and does not comprise part of the offical record
Geraint Davies
What I said stands. Obviously, scenario plans were done in terms of the aggregate impact, and no forecast is perfect, but what we do know about the impact of Brexit was that, overnight, the hon. Gentleman’s salary and assets were devalued by something like 15%, because the financial markets took their own view that this was crazy. We are all worse off for it. People living in Britain have not really seen it, but gradually the impact of that devaluation is coming through in inflation, on top of low wages. People were told, and sadly it has happened: the poor have been made poorer. The leave campaigners said, “The reason you are poor is foreign people from the EU,” when in fact the average person from the EU contributes 35% more in tax than they consume in public services. The poor—and all of us—will become even poorer without them, and we have seen this awful devaluation.
The evaluations were not good enough, but there were dire predictions. Let us take as an example a Japanese car company. I know there have been lots of under the table, secret negotiations with car companies, but the reason they are here is that we are a stable democracy and economy, and provide an English-speaking platform to the biggest market in the world. Once we are not in that market, they and other investors will move. The economic impact on Britain, from an intuitive, a priori point of view, is wholly predictable.
Lee Rowley (North East Derbyshire) (Con)
Will the hon. Gentleman explain what is dire, catastrophic and crazy about five consecutive quarters of economic growth?
Geraint Davies
The hon. Gentleman will know that we have got the lowest growth in the G7—it is absolutely appalling.