Exiting the European Union

Lord Davies of Stamford Excerpts

Monday 5th September 2016 Lords Chamber

[Lord Bridges of Headley]

My Lords, the UK’s exit from the European Union does not change the commitment of the UK Government and the people of Northern Ireland to the settlement set out in the agreement and its successors and to the institutions they establish. As I said, my right honourable friend the Secretary of State will visit Dublin later this week. I am sure that these matters will be raised then.

[Lord Davies of Stamford (Lab)]

My Lords, the noble Lord has talked a lot about opportunities but they seem to be pretty pious aspirations at this point. He has said nothing at all about the costs, many of which are immediate, palpable and already visible. One appeared today, for example—the threat that the European Medicines Agency, which employs 900 people, will leave this country and perhaps go to Sweden. That is serious enough but, much more seriously, the European headquarters of a number of international pharmaceutical companies will follow the agency if it leaves this country. What are the Government doing about that? Do they care about that sort of thing at all? Do they have a policy on that matter?

[Lord Bridges of Headley]

I cannot comment on the specifics but I am certainly not sanguine about the costs. There are clearly numerous challenges. I have already met a number of businesses, business organisations and others who have pointed to them. That is what we are trying to assemble right now. If the Statement suggested that we were being complacent, that is absolutely not the case. I am entering into this looking at a glass half full and with a sense of optimism, not pessimism.