No-deal Brexit: Short Positions against the Pound Debate
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Chi Onwurah
Main Page: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)Department Debates - View all Chi Onwurah's debates with the HM Treasury
No-deal Brexit: Short Positions against the Pound
Chi Onwurah Excerpts(5 years, 2 months ago)
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Mr Clarke
The short selling regulations cover the sale of shares, so that falls within the remit of the existing legislation. Clearly, we all want to see our country thrive and move forward towards a better future. That will be best done by voting for a deal, as of course many of the members of the hon. Gentleman’s former trade union will have done.
Chi Onwurah (Newcastle upon Tyne Central) (Lab)
I hope the Minister recognises that we are talking not about companies protecting themselves in good faith from the devastating impact of a no-deal Brexit, but about large-scale—industrial—shorting of the pound, that that can drive extreme behaviours, as well as market crashes, and that, at the very least, this needs to be investigated by the Electoral Commission, in order to see what the influence is. But my question to the Minister is simple: does he know the level of exposure to the shorting of the pound?
Mr Clarke
The Government do not take a view on this issue. [Interruption.] But what is clear is that the hon. Lady can avoid the outcome that she so wants to avoid, by voting for a deal when one is brought forward—that is, and always remains, the case. So we now need to move forward with some purpose, rather than with wild speculation, trying to smear the Government as somehow being in hock to these interests—it is not working. Any rational observer will see that this is not an argument that sustains itself.