Iain Duncan Smith
Main Page: Iain Duncan Smith (Conservative - Chingford and Woodford Green)Department Debates - View all Iain Duncan Smith's debates with the HM Treasury
(6 years, 5 months ago)
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Elizabeth Truss
I thank the hon. Gentleman for his supportive comments. I am glad that he agrees with the Government’s strategy. The next step will be making sure that his Back-Bench colleagues also agree with his strategy. He is absolutely right that we should not reveal the details of negotiations while they are ongoing. However, the Opposition’s approach of saying that any deal is better than no deal is not the best way of securing a deal. Although our preferred option is an implementation period followed by a strong agreement, we are preparing for all eventualities, which is why we are putting in £3 billion. I suggest that the Opposition should also support that very responsible approach.
Mr Iain Duncan Smith (Chingford and Woodford Green) (Con)
I am not in favour of anything that is not legal, so I support my right hon. Friend completely. I am also in line with my right hon. and learned Friend the Member for Rushcliffe (Mr Clarke), in that whatever the legal agreement is, bound against the contingency of a free trade arrangement, it is exactly what the Government will set out to do. Will the Chief Secretary please remind those who have raised this question that even if we agreed a figure of something in the order of £40 billion over 40 years, because we will not be paying contributions to the European Union, it means that the UK Exchequer will be better off by £360 million in the course of those 40 years—a net gain, with a free trade arrangement?
Elizabeth Truss
My right hon. Friend makes a very fair point. Whatever happens, we will not be paying anything like what we would have paid as an EU member. That represents a considerable saving to the British taxpayer.