EU Exit Negotiations

Matt Western Excerpts

Tuesday 5th September 2017 Commons Chamber

[Mr Speaker]

I call Matt Western.

[Matt Western (Warwick and Leamington) (Lab)]

Thank you, Mr Speaker. I have just experienced what it is like to be the last Member called and to realise that nearly all the questions have already been asked. I will try to make this one slightly fresh.

Does the right hon. Gentleman agree that exchange rates are seen across the world as the measure of confidence in a country and reinforce the decisions of businesses and others to invest there? Since the negotiations started, our currency has fallen against the euro and the dollar. What does that say about how well the negotiations are going?

[Mr Davis]

I will start by helping the hon. Gentleman with his view of the House of Commons: the motto of this place is, “Everything has been said, but it has not yet been said by everyone”, so he is in a good position.

I thought the hon. Gentleman’s view of currencies had gone out with Harold Wilson—“the pound in your pocket” and all that. The simple truth that is a currency lands at the level that works best for the country, and that is what is happening here. We are seeing a significant increase in manufacturing and in exports and an increase in our competitiveness, so I would not worry about that. We do have to worry about inflationary effects, but so far they have been relatively minimal.