Brexit: Single Market

Lord Davies of Oldham Excerpts

Monday 24th October 2016 Lords Chamber

[Lord Pearson of Rannoch (UKIP)]

My Lords—

[Lord Davies of Oldham (Lab)]

My Lords, is it not quite clear that when the Brexit Secretary indicated that it was not necessary for the UK to remain a member of the single market, he caused profound uncertainty in business, finance and trade? Is it not clear therefore that unless the Government begin to establish clear principles on which they are acting on Brexit, we will go through a period of enormous uncertainty to the cost of the nation?

[Lord Bridges of Headley]

The noble Lord makes a very fair point about the challenges and uncertainty that we face. I and my ministerial colleagues have been having a series of meetings around the country. I was in Nottingham and Derby last week meeting representatives of several large businesses. I agree that we face challenges, but we have set out as far as possible the measures that we can take as a Government to bring certainty to the process—for example, our approach to the repeal of the European Communities Act and the timings to which we intend to adhere as regards triggering Article 50. As regards our aims and overall approach, the noble Lord will know that the Government have set out that we wish to take control over our borders, our moneys and our law, at the same time ensuring that we have the best possible access to the single market. However, I have to say to noble Lords that, as the Prime Minister and I have said many times, we cannot offer a running commentary on this as we go along.