European Union (Withdrawal) (No. 5) Bill

Debate between Lord Liddle and Lord Warner

2nd reading (Hansard): House of Lords
Thursday 4th April 2019 Lords Chamber

[Lord Liddle]

I am certainly not saying that. I am saying that you have to recognise the realities of the 45 years of the relationship. It is almost certainly impossible to walk away from that relationship—which is what no deal involves—without massive disruption in all kinds of spheres.

We have heard a lot tonight of evidence from the association of entrepreneurs—or something—that no deal will not do us any harm, but every respectable business organisation takes the view that no deal would be very damaging. We have heard a lot about the views of the noble Lord, Lord King of Lothbury. We have heard very little about the views of Mark Carney, the current Governor of the Bank of England, who was devastating in the Financial Times today in what he said about his predecessor and the rank foolishness of what he was proposing.

[Lord Warner]

Does the noble Lord recall that the noble Lord, Lord King of Lothbury, is acknowledged to have been rather slow to spot the financial crisis in 2007 and 2008?

[Lord Liddle]

The noble Lord, Lord Warner, makes a point, but I did not want to get into that.

What has not been mentioned is the extraordinarily frank memorandum which the Cabinet Secretary, Sir Mark Sedwill, circulated to the Cabinet. Let us remember who he is. He is the personal appointee of the Prime Minister, one of the officials in whom the Prime Minister has the most trust. As we know, the Prime Minister does not get close to many people, but she certainly has become very close to Sir Mark Sedwill, and he has written the most devastating critique of what would happen under no deal.

I think the Prime Minister is in a bad situation. She found herself trapped by no deal. Look at the present situation in the Conservative Party as a result of that foolish statement she made in Lancaster House. There are about 160 Tory MPs saying they prefer no deal to anything else and 75% of Conservative Party members saying they prefer no deal to anything else. About half the Cabinet is saying that. Why is this? It is because the concept of no deal was not knocked on the head early on in these negotiations. It would be ruinous for Britain.

This Bill is a parliamentary response to the grave danger we face. It has to be supported, and I very much hope the House will back it.