No-deal Brexit: Short Positions against the Pound

Mike Penning Excerpts

Monday 30th September 2019 Commons Chamber

[Mr Clarke]

The Government’s position is that we do not adopt a fixed target for sterling, as clearly we believe that it is sensible for the currency to find its own level in various circumstances. Obviously that freedom for the currency to float is important. Look, all of us in this House believe that the country will succeed in a whole variety of different scenarios. I believe that sterling will find an appropriate level in any scenario, and clearly there are aspects of a fall in sterling that would make it easier to export, so it is not a zero-sum game. We have to trust the market to find its own level.

[Sir Mike Penning (Hemel Hempstead) (Con)]

There is one obvious point, even for people, like me, who are not economists: if we talk down the country and the economy, that is where the economy will go. Thank goodness the Labour party is not in power, because it would destroy the economy.

--- Later in debate ---

[Mr Clarke]

Government policy is to leave the European Union with a deal, if at all possible, and that remains our central case. The hon. Gentleman’s question in many ways summarises the past few minutes, in so far as it does not get to the substantive point, which is that the only reason we are at risk of a no-deal exit is that we have not managed to persuade the Opposition that they should get behind our attempts to secure a better deal rather than seek constantly to undermine them.

[Sir Mike Penning]

On a point of order, Mr Speaker.

[Mr Speaker]

Points of order come later. We look forward to them with eager anticipation from the lips of the right hon. Gentleman.