Leaving the EU

Jeremy Lefroy Excerpts

Tuesday 12th February 2019 Commons Chamber

[The Prime Minister]

The right hon. Lady makes a very important point, which is that it is in the interests of business and in the interests of communities to get a deal agreed so that we can move forward. I believe there are businesses that are holding back investment in this country, waiting for us to get the deal over the line, and that that investment will be made when we get that deal. It is for every Member of this House to be prepared to accept, as the right hon. Lady has said, that we are all making compromises. The agreement with the European Union involves some compromise—that is because it is two sides coming together to agree a deal—but it is in the best interests of this country to have that deal and to get it sorted.

[Jeremy Lefroy (Stafford) (Con)]

I entirely support what the right hon. Member for Don Valley (Caroline Flint) has just said.

This morning, I met the representative of a large manufacturer in my constituency who is incredibly concerned about what would happen in the case of no deal. Will my right hon. Friend lay out clearly the consequences of no deal for our vital services sector? It has a trade surplus both with the EU and across the world, and it is responsible for the jobs of so many millions of our fellow citizens.

[The Prime Minister]

There is absolutely no doubt that no deal would, of course, have an impact on our economy; I think that in the longer term we would be able to recover from that impact. Obviously, there have been a number of academic and other studies that have made assessments of the impact of no deal. As my hon. Friend has said, the services sector is obviously very important for us. That is why I believe that the proposals and the deal in the political declaration, which gives us flexibility in developing our services, including financial services, are so important for the future.