Brexit: Economic Effect

Lord Beith Excerpts

Thursday 18th October 2018 Lords Chamber

[Lord Bates]

Certainly the evidence, though not specifically on Japanese inward investment, is that inward investment has been rising since 2015. I know how crucially important inward investment and exports are to the north-east of England. Those of us from that region were immensely proud to be one of the only net-exporting regions of the country. It is a very important element, but exports are continuing to rise and foreign direct investment is continuing to be made into the United Kingdom, up some 16% since 2015. We believe it is in both our EU friends’ interests and, of course, our own that there is a proper deal so that this can continue and unemployment in the north-east can continue to fall.

[Lord Beith (LD)]

My Lords, given what we already know about the potential severe impacts on the north-east, would not the honourable and honest position be, when we know what the deal is or whether there is a deal, to say, “This will cost in terms of jobs and prosperity in the future. If you want us to go ahead with it, we will need your explicit consent in another referendum”?

[Lord Bates]

There has been a referendum, which was endorsed by the votes cast in the general election that took place just last year—over 580 Members of the other place out of 650 stood on a manifesto to implement the decision taken in the referendum. We are now in the position of seeking to implement the decision that was taken in the referendum and endorsed in the general election.