Leaving the EU: Economic Analysis

Jeremy Lefroy Excerpts

Tuesday 30th January 2018 Commons Chamber

[Mr Baker]

The hon. Gentleman’s question reminds me of the great economist Galbraith who said, if I recall correctly, that the only purpose of economic forecasting was to make astrology look respectable. There is a great deal of truth in that.

[Jeremy Lefroy (Stafford) (Con)]

Another great economist, J. M. Keynes, said, “When the facts change, I change my mind. What do you do, sir?” Will my hon. Friend confirm that a deep and special partnership must include services as well as goods, because services account for 80% of our economy, and that any deal that did not include all services would not be in the interests of the United Kingdom?

[Mr Baker]

Of course I agree with my hon. Friend about the importance of services, but I go further. It is extremely important that our ambassador to the World Trade Organisation, Julian Braithwaite, is chairing the relevant committee on services. It is in the UK’s and, indeed, the world’s interests that we take part in a global liberalisation of services in trade. That is key to unlocking the UK’s prosperity and, indeed, to unlocking Governments’ capacity to meet the commitments that they have entered into for their populations.