UK’s Exit from the European Union

Debate between Stella Creasy and Adam Holloway

Monday 24th April 2023 Westminster Hall

[Adam Holloway (Gravesham) (Con)]

It is a great pleasure to serve under your chairmanship, Mr McCabe.

When 65% of the people in my constituency of Gravesham voted in the 2016 referendum, they cast their votes in favour of leaving the EU. They did so in the expectation that their views would be respected and in the hope that the Government would have the guts to make a success of it. In those ambitions, my constituents have not been well served. Their clear instructions to us here in Parliament were not respected. For years the Government, with the collusion of the civil service, treated Brexit as a gigantic, strategic mistake by the people of the United Kingdom, and they saw their role as one of damage limitation. But in 2019 the electorate had the chance to speak again, returning my right hon. Friend the Member for Uxbridge and South Ruislip (Boris Johnson) with a huge majority, and he respected that mandate and was finally able to deliver Brexit.

It is faintly depressing to be here again ostensibly debating whether the benefits of Brexit have been delivered and whether there should be a public inquiry. In reality, we are arguing today about whether we should have voted to leave the EU or whether we should rejoin. For me, the single most important benefit of Brexit has been realised, leaving aside some slightly unhappy compromises in the Windsor framework, because our sovereignty has been repatriated. Many remainers seem to view our desire to govern ourselves as at best an outmoded and abstract concept, and at worst a front for baser impulses.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

Will the hon. Gentleman give way?

[Adam Holloway]

I will not. I came in here earlier, took one look at all the articulate advocates of remain or rejoin, and I thought that in the interests of my blood pressure, which I tested this morning, I would not give way—[Interruption.] I am sure the hon. Lady can address that in her speech: we have heard a lot from her on the subject already.

It is easy to undervalue sovereignty if the areas in which it was surrendered to the EU do not actually impact one’s life. It is easy to disdain patriotism if someone is economically and socially mobile and derives their self-worth from a well-paid job, or if their life is made easier by cheap labour as a result of free movement. In my constituency, EU membership has brought social problems, pressures on housing in the social and private sectors, enormous stress on public services and a sense of disenfranchisement. My constituents are not crazed nationalists. They are hard-working people who voted to take back control over the laws that directly affect their quality of life, and to have the right to vote out politicians who make laws that do not work for them. That power is important to them, and it is important to me that we deliver on that promise.

On the economic benefits of Brexit, we should have the courage of our convictions and stop being so cautious. It was encouraging to hear the Chancellor of the Exchequer, my right hon. Friend the Member for South West Surrey (Jeremy Hunt), unveil his post-Brexit reform of financial services, which aims to give us a regulatory framework that meets the needs of our financial services industry and can respond effectively to emerging trends. With the freedom to diverge from EU law, we can now make substantial changes in many areas—for example, in the regulation of insurance firms. The risk margin, the capital buffer that insurance companies must hold, will be cut by 65% for life insurers and 30% for general insurers. The eligibility of assets that life insurers can use to match their liabilities will therefore be broadened. That will free up capital for investment in the UK economy and improve the competitiveness of the important financial services industry, bringing benefits to consumers.

The Government must stick to their promise to make substantial legislative progress in this area during 2023. Reform of the financial services regulations is just one area where we now have the freedom to extricate ourselves from a regime that was not designed with our best interests in mind.

There are a host of opportunities we must now seize. We must make progress with the Retained EU Law (Revocation and Reform) Bill, and we must take advantage of our freedom from EU control of state aid. We must make sure that our immigration system works for the people of this country. It is a difficult task to disentangle ourselves from a heap of legislation that we did not choose, but it is a vital job. We should be bold and move quickly.