Oral Answers to Questions

Matthew Pennycook Excerpts

Thursday 20th October 2016 Commons Chamber

[Mr Davis]

I venture to suggest that if you did your homework, Mr Speaker, you would not have it marked by the hon. Gentleman.

I have not seen the Fraser of Allander report, so would be grateful if the hon. Gentleman directed me to it. One thing about these reports is that they all base themselves on single assumptions. We need to look at those assumptions to see whether they are realistic, and that is what we will do. There have been a large number of forecasts of the effect of Brexit. Some are very pessimistic about certain aspects of policy that we do not intend to allow to happen. I will look at that particular report carefully and talk to him about it after I have done so.

[Matthew Pennycook (Greenwich and Woolwich) (Lab)]

The US Chamber of Commerce, which represents companies with investments in the UK worth almost $600 billion, warned our ambassador in Washington last week that to retain and attract those investments in the years ahead we will require access to the single market. Will the Secretary of State tell the House whether he accepts the figure I have given and, if he does not, how much US business investment he thinks will be at risk if this Government do not secure access to the single market?

[Mr Davis]

One reason—although only one—why we are seeking to maintain the most open and barrier-free access possible to the European market is to encourage foreign direct investment. We have had discussions with a number of countries, including the US; indeed I met a US congressional delegation that came here whose members were very enthusiastic about Brexit. There are many views about this.