Next Steps in Leaving the European Union

Joanna Cherry Excerpts

Monday 10th October 2016 Commons Chamber

[Mr Davis]

Certainly any further changes in law will require parliamentary process. On article 50, the right hon. Lady is right that I have fought hard for the rights of Parliament with respect to the Executive, but I would never put Parliament in a position of being in a clash with the British people. That is what an article 50 vote would do.

[Joanna Cherry (Edinburgh South West) (SNP)]

Yesterday on “The Andrew Marr Show”, the right hon. and learned Member for Rushcliffe (Mr Clarke), who is not in his place today, said:

“The reason the pound keeps zooming south is that absolutely nobody has the faintest idea what exactly we’re going to put in place”

for the single market. I rather got the impression from the Secretary of State earlier that he did not agree with that statement. If he does not, to what does he attribute the repeated plummeting of the pound since 24 June, and does he agree with the hon. Member for Kettering (Mr Hollobone), who is no longer in his place, that it is a good thing that the pound keeps plummeting?

[Mr Davis]

It is an unwise Minister, particularly one who is not a Treasury Minister, who passes comment on what the right value of the pound is. There are benefits and disadvantages in movements in either direction. If we look at other countries—it is safer for me to do that—we can see that the euro is widely viewed as being undervalued for the German economy and overvalued for the Greek economy. The hon. and learned Lady can decide for herself which she prefers, but the Greek economy is in a worse state than the German economy.

I do not agree with my right hon. and learned Friend the Member for Rushcliffe (Mr Clarke). There will definitely be very large markets for British industry after we exit the European Union. What the hon. and learned Member for Edinburgh South West (Joanna Cherry) has seen on the currency markets has been a response to an article about President Hollande’s comments, massively exacerbated by program trading, which is corrected later on.