Brexit: Opportunities

Iain Duncan Smith Excerpts

Thursday 16th September 2021 Commons Chamber

[Michael Ellis]

I thank the right hon. Lady for her welcome and her kind words. I have now been Attorney General, Solicitor General and Paymaster General in the last seven days, so I think I ought to have a uniform. Her opening remarks were very welcome.

The right hon. Lady is quite right, of course, that everything will be considered carefully, and that is why we are asking the British people to assist us in this regard, but she should welcome the opportunities that Brexit has afforded this country. The Labour party’s relentless—may I say poisonous?—negativity about the opportunities of Brexit really is a sight to behold. What about the wonderful positions of this country now that we are free from the shackles of the regulation and bureaucracy, and the burdensome arrangements, that were applied carte blanche to all member states of the European Union?

I urge the right hon. Lady to look at the positives—the fact, for example, that this country is now the No. 1 country in the G7 for economic growth on the GDP front, and that we have a million job opportunities for our constituents and the people of this country. Those are positives. Those are things that have been delivered post Brexit, and work is in progress—negotiations and discussions. She knows well that the matters that she raises are at the forefront of the priorities of this Government and are being worked on keenly.

The right hon. Lady spoke of Lord Frost and his comments about ambition. Of course, Lord Frost and I share—as do the whole Government—the ambition of this country. If only the Labour party shared that ambition, I think that she would find greater support.

[Sir Iain Duncan Smith (Chingford and Woodford Green) (Con)]

I welcome my right hon. and learned Friend’s statement. Our report was put together independently, taking full evidence from various areas of industry, services and so on. It represents their views about how best to resolve this issue. They include many who were strong remainers at the time of the debate, as well as those who voted for Brexit. There was no delineation. They all recognise where we are now and how we take advantage of it. I refer my right hon. and learned Friend to that and I thank my noble Friend Lord Frost for being so serious about implementation. One recommendation that I think is vital, and which the Bank of England was very clear it would like to see to help it in its heavy lifting, is to have a committee in the House that reports back on regulation/deregulation to follow up on all this. It should have the powers that, say, the Treasury Committee has, to dig into where the regulators go and whether they are getting the balance of economic advantage right in those regulations. May I ask him and the Government to think again? They have got rid of one regulatory committee, but there is definitely the need for another here to provide trust in the way we regulate.

[Michael Ellis]

I thank my right hon. Friend for his question and for the very able work he and his team did in this regard. I have taken note of his point about the Bank of England and a committee. I can say that, even though I have only been in office for a few hours, I have already touched on that with Lord Frost. Further discussions will ensue.