Brexit: Economic Effect

Lord Davies of Oldham Excerpts

Thursday 18th October 2018 Lords Chamber

[Lord Bates]

I do not accept my noble friend’s view that we have had little to say. I was in the Chamber earlier this week when the Leader of the House repeated the Prime Minister’s Statement and some people suggested we had too much too say. Some 106 technical notes have been put out, and we have had significant debates. The crucial thing is that businesses have known since the referendum took place, and certainly since the general election, what the outcome of the referendum was and the Government’s intention in implementing the outcome of that referendum. As a result, they have done incredible work in boosting their exports around the world. We are seeing that export growth is at record levels in terms of goods and that the fastest growth for those markets is in countries outside the European Union, such as India and China.

[Lord Davies of Oldham (Lab)]

My Lords, the Minister knows that the north-east’s average disposable income is only three-quarters of the national average. That is why my noble friend has raised this issue at this point. The Minister’s reply that we will hear the Government’s analysis before the crucial vote gives no indication of just how much time there will be for it to be compiled and to be analysed by this House and the other House before the meaningful vote. He must recognise that there are great anxieties about the present situation, and the Government are doing nothing to give any reassurance.

[Lord Bates]

I accept that there will be anxieties, but we have to point to the hard facts: businesses are still coming here and people are still buying British goods in greater quantities than ever before. Furthermore, it is an incredible achievement that last year unemployment in the north-east fell faster than in any other region in the country. It is now lower in the north-east than in London or the West Midlands—something that we have never seen in our lifetime. Therefore, there is a lot for people in the north-east and in Britain to be confident about in the future.