Oral Answers to Questions

Vicky Foxcroft Excerpts

Thursday 1st February 2018 Commons Chamber

[Mr David Davis]

I am happy to reassure my hon. Friend on that point. The British people voted to leave the EU—17.5 million of them—in the biggest mandate in our history, and we are committed to respecting the result of the referendum. The Government have undertaken a wide range of ongoing analysis to ensure that we get the best deal for the British people in our EU exit negotiations, but whichever outcome we choose to negotiate for—most of that has been chosen—it will involve leaving the EU and respecting that democratic mandate.

[Vicky Foxcroft (Lewisham, Deptford) (Lab)]

T7. The independent “Preparing for Brexit” report commissioned by the Mayor of London found that a hard Brexit will lead to the loss of 56,500 more jobs in London alone than if the UK remains in the single market and customs union. Does the Minister agree that that is clear evidence that a hard Brexit will be catastrophic for jobs?

[Mr Davis]

No, I do not. As I explained earlier, one of the great difficulties with such forecasts is that they have proved to be entirely wrong at every turn so far, and that is not just the view of a politician. The smartest and most innovative economist in the country is probably the deputy Governor of the Bank of England, Andrew Haldane, who referred to the forecasts as having faced a “Michael Fish” moment—in other words, they must find out why they did not work. A forecast is not evidence to be relied upon. It may be an opinion, but it is not evidence.