European Council

Lord McLoughlin Excerpts

Monday 25th March 2019 Commons Chamber

[The Prime Minister]

Virtually every time the right hon. Gentleman stands up when I have made a statement or am opening a debate in the House on this subject, he asks me about a second referendum. My view about a second referendum is very simple. I was not on the march not because I was too busy, as he says, but because he and I hold a different opinion about a second referendum. I believe it is important that this House, rather than talking about and wanting to pass the decision back to the British people again, says to them, “We will abide by the instruction you gave us in the referendum in 2016.”

[Sir Patrick McLoughlin (Derbyshire Dales) (Con)]

The cost to the British people and the amount of money that will be payable under the deal that the Prime Minister has put forward is between £34 billion and £39 billion. What do the Government estimate is the cost to the United Kingdom of no deal?

[The Prime Minister]

My right hon. Friend asks an important question. We have published economic analysis that shows the impact of no deal. Over £4 billion is being spent by the Government on preparations for leaving the European Union with or without a deal. As I say, there is economic analysis that shows the impact of no deal over the coming months. My own view is that, over time, we would be able to address the issues that arose, but there would be an immediate impact on the economy.