John McDonnell
Main Page: John McDonnell (Labour - Hayes and Harlington)Department Debates - View all John McDonnell's debates with the HM Treasury
(5 years, 3 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
John McDonnell (Hayes and Harlington) (Lab)
Let me bring the Chancellor back to Brexit. He knows full well the impact that no deal would have on people’s everyday lives. As we have heard, the British Retail Consortium warned yesterday that a no deal would lead to higher food prices, and even to empty shelves. The Government’s own economic analysis suggests a 10% hit to real wages. Knowing all this, would not a responsible Chancellor—a senior member of the Cabinet—stand up to the Prime Minister to insist that she rule out a no deal?
Mr Hammond
We are absolutely determined to avoid no deal, but the way to avoid no deal is to deliver a deal. As the Prime Minister has said from this Dispatch Box many times, the choice is stark: do the deal or face no deal or no Brexit. No Brexit would be a betrayal of the democratic decision of the British people, and no deal would be a betrayal of our economic future. The deal is the only way forward that protects our democracy and our economy.
John McDonnell
It is a deal that lost in this House by a majority of 230. Just as business leaders were not reassured by the Chancellor’s phone call, I do not think the House will be reassured by his response today. The Bank of England has warned that we are potentially facing an economic crisis even more severe than the financial crisis of 2008. Past holders of his great office of state would have had the strength and authority around the Cabinet table to prevent the Prime Minister from behaving so recklessly. At a time when the country is facing a potential national economic crisis, has there ever been a Chancellor so weak?
Mr Hammond
If the right hon. Gentleman believes what he has just told the House, he should get off his backside and get the Leader of the Opposition off his backside, and they should get themselves over to Downing Street to sit down and engage with the Prime Minister so that we can solve this problem in the national interest.