Next Steps in Leaving the European Union

Bill Esterson Excerpts

Monday 10th October 2016 Commons Chamber

[Mr Davis]

It is an unwise Minister, particularly one who is not a Treasury Minister, who passes comment on what the right value of the pound is. There are benefits and disadvantages in movements in either direction. If we look at other countries—it is safer for me to do that—we can see that the euro is widely viewed as being undervalued for the German economy and overvalued for the Greek economy. The hon. and learned Lady can decide for herself which she prefers, but the Greek economy is in a worse state than the German economy.

I do not agree with my right hon. and learned Friend the Member for Rushcliffe (Mr Clarke). There will definitely be very large markets for British industry after we exit the European Union. What the hon. and learned Member for Edinburgh South West (Joanna Cherry) has seen on the currency markets has been a response to an article about President Hollande’s comments, massively exacerbated by program trading, which is corrected later on.

[Bill Esterson (Sefton Central) (Lab)]

Just today, the British Retail Consortium has said that if we depend on World Trade Organisation rules, we could see price rises of 27% for meat, 16% for clothing and footwear and 14% for Chilean wine. Those are not some theoretical actions, they are price rises in the real world. Will the Secretary of State accept the reality of the damage that would be done by such price rises, and what will he do to ensure that the BRC’s predictions do not become a reality?

[Mr Davis]

The hon. Gentleman points out exactly why I am saying that we are seeking the best possible access that we can obtain—full stop.