Ian Murray
Main Page: Ian Murray (Labour - Edinburgh South)Department Debates - View all Ian Murray's debates with the Cabinet Office
(7 years, 10 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Nic Dakin (Scunthorpe) (Lab)
1. What assessment he has made of the potential effect on the economy in Scotland over the next five years of the outcome of the EU referendum.
Ian Murray (Edinburgh South) (Lab)
6. What assessment he has made of the effect on the economy in Scotland of the outcome of the EU referendum.
The Secretary of State for Scotland (David Mundell)
The Scottish economy faces a number of challenges as a result of the vote to leave the EU. Yesterday I began a process of direct engagement with Scottish business leaders to ensure that their voice is heard in the forthcoming negotiations.
Ian Murray
Standard Life, one of the largest private employers in Scotland, ceased trading in its UK property fund this week, and the Governor of the Bank of England has said that the consequences of Brexit are beginning to crystallise. Given that financial services are 7% of Scotland’s GDP and employ tens of thousands of my constituents, what reassurances was the Secretary of State able to give businesses yesterday that not one job will be lost because of the Conservative gamble with this country?
David Mundell
May I begin by commending the hon. Gentleman for his service as shadow Scottish Secretary? No one knows better than me how difficult it is to be your party’s sole representative from Scotland in this House and be shadow Scottish Secretary. He performed the role with great distinction, and I am particularly grateful for his work to ensure the passage of the Scotland Act 2016 in this place. He will be pleased to know that when I met business leaders yesterday Standard Life was represented. One point that its representatives made, which is important for discussions on the future of the Scottish economy, is how important the market outwith Europe is, as well as the market within Europe. Standard Life did not wish us to lose focus on the many business opportunities it pursues, in north America in particular.