No-deal Brexit: Short Positions against the Pound Debate
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Huw Merriman
Main Page: Huw Merriman (Conservative - Bexhill and Battle)Department Debates - View all Huw Merriman's debates with the HM Treasury
No-deal Brexit: Short Positions against the Pound
Huw Merriman Excerpts(4 years, 7 months ago)
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Mr Clarke
I yield to nobody in my appreciation of how hard people work in the Tees valley and, indeed, how passionate they are about our area, but there is absolutely no doubt in my mind that democracy needs to be honoured. We need to deliver on the referendum result and to get this done. There will no actions for the City to take if we get a good deal across the line and the hon. Lady votes for it.
Huw Merriman (Bexhill and Battle) (Con)
In June, the Bank of England reported that, thanks to the mitigation and preparation put in place by the Government, any hit to GDP in the event of a no-deal Brexit would be reduced by two and a half percentage points. Will the Minister, whom I welcome to his position, confirm that we have had more preparation since then? That means we should be further protected, meaning these individuals will not make their money.
Mr Clarke
My hon. Friend is, of course, absolutely right that we are stepping up our preparations to cover all eventualities. That is why we made provision in the spending review, which was designed to ensure that we go into this autumn with the options open to us kept as wide as possible. Of course, it is also why the provisions of the surrender Act, which the Opposition brought forward against the will of this Government, are so unwise.