European Council

Lord Spicer Excerpts

Monday 22nd February 2016 Lords Chamber

[Baroness Stowell of Beeston]

Yes, I agree with the noble Lord. We have to acknowledge the foreign investment that comes into this country and into Wales, a lot of which is from European Union countries. We benefit tremendously from our trade as part of that single market, and we would put that very severely at risk if we were to leave.

[Lord Spicer (Con)]

My noble friend has just talked about a legally binding document protecting our interests. How do the Government then deal with the question of the acquis communautaire and the fact that the so-called watertight legislative protection of our rights in the past has never survived challenges in the court? These matters have to be addressed if some credibility is to be given to this so-called legally binding document.

[Baroness Stowell of Beeston]

In the interests of time and the fact that many people want to get in, I shall say to my noble friend Lord Spicer what I said to my noble friend Lord Lawson. The Prime Minister has secured, for the first time ever, a return of powers to a nation state. That has never happened before. He has secured that and we can now take advantage of it—something that we have never been able to do before.