Outcome of the EU Referendum

Neil Gray Excerpts

Monday 27th June 2016 Commons Chamber

[The Prime Minister]

The ceramics industry is a classic example of one that needs to make its voice heard. I will make sure that happens and that we get a good negotiation, because if, at the end of two years, Britain were to come out of the European Union without an adequate deal, we could be facing quite large tariffs on, for example, ceramic products. That is a very good argument for why we need to think this through carefully, then trigger article 50 and make sure, during that process, that we protect the access of those industries to this vital market.

[Neil Gray (Airdrie and Shotts) (SNP)]

Earlier in his statement the Prime Minister described the financial and economic reaction to Brexit as an “adjustment”. I presume that was a euphemism. Does he believe that trillions of pounds being wiped off the share value of global companies, the pound at a 31-year low, and the threat of tens of thousands of jobs moving to the continent is just an “adjustment”?

[The Prime Minister]

The reason I used the word “adjustment” is this: there are clearly short-term financial and volatility effects, as we have seen, but my worry is that there will be longer-term uncertainty effects. People and businesses will be concerned about the UK’s access to crucial markets, and so there might therefore be a more fundamental adjustment. Now that the decision has been taken to leave, we need to make sure that we get the best possible access to the market so that the adjustment is as small as possible.