Leaving the EU

Jim Shannon Excerpts

Tuesday 24th October 2017 Commons Chamber

[Charlie Elphicke]

My hon. Friend, who is a powerful advocate and champion for his constituency, makes a powerful point, and he is absolutely right, because the British people believe that the future is global, not regional or continental. They are right to do so: 90% of future world economic growth will come from outside the EU. Moreover, the EU has been in relative decline for the past 40 years: 40 years ago the EU accounted for 30% of global GDP; today the figure is just 15%. That is a massive relative decline, and it is hard to fathom why the OECD would want us to continue to be involved in an organisation whose share of GDP seems to be pointing in a southerly direction.

As the wider world grows, we can grow with it. The figures powerfully underline that, as did the Governor of the Bank of England in a powerful speech to the International Monetary Fund just last month, in which he said that the British people had taken a decision to step back in order to jump forward. He said that there will be short-term economic turbulence, but in the longer term Britain could be doing really quite well, and there was massive rationality in the decision taken.

[Jim Shannon (Strangford) (DUP)]

We will have many debates on this issue, and I congratulate the hon. Gentleman on securing this debate. First, we should congratulate the Brexit team which is working very hard on our behalf to try to accomplish a deal. A deal would be preferable, but Brussels must be very careful about what it wishes for, as a bad deal or no deal would be a bad deal for them.

[Charlie Elphicke]

I completely agree with the hon. Gentleman, particularly on his generous remarks on the Secretary of State for Exiting the European Union and his ministerial team, who work day and night in our national interest, seeking to get the best deal for us.

That brings me neatly to the case for being ready on day one: why should we be ready on day one? Already establishment figures are saying that this would be wasted spending. I say it is in the national interest and is the best investment we can make. There are three key reasons for that.

The first reason is for insurance. We buy house insurance before we are burgled. In the same way, we should insure against the risk of error in the current negotiations, or things going wrong at the last minute. We should insure against the risk that there is not a meeting of minds by making sure we are ready on day one, and prepared for every eventuality. Secondly, we should be ready on day one in order to get the best deal. Any experienced negotiator knows that if you have the other side stuck to the table, they will have to do a deal. You can then hit them with a higher price and worse terms.