Leaving the EU: Economic Analysis

Debate between Sammy Wilson and Steve Baker

Tuesday 30th January 2018 Commons Chamber

[Mr Baker]

I think the EU’s willingness to see us leave is increasing by the day as we go through this process. It is important that the House knows that key figures throughout the EU pay close attention to our newspaper headlines, so it is important and incumbent on us all to remain committed, in that spirit of buoyancy and hope, to carrying through the referendum result.

[Sammy Wilson (East Antrim) (DUP)]

We have been here before, because the same gloom-laden forecasts were made before the referendum and none of them was anywhere near the mark. Does the Minister agree that these long-term forecasts are as useful for predicting future economic performance as newspaper horoscopes? More importantly, will he assure us that despite the hysteria from the Opposition Benches, the Government will not be distracted from honouring their commitment to deliver the United Kingdom out of the single market and the customs union?

[Mr Baker]

The hon. Gentleman’s question reminds me of the great economist Galbraith who said, if I recall correctly, that the only purpose of economic forecasting was to make astrology look respectable. There is a great deal of truth in that.