Business of the House

Nick Smith Excerpts

1st reading: House of Commons
Thursday 13th October 2016 Commons Chamber

[Mr Lidington]

I am happy to endorse the hon. Lady’s congratulations to Yorkshire, and will make sure that the Sports Minister is aware of her concerns about funding—I am sure that the Sports Minister will want to have due regard to the importance of the success of that event. Everyone in the House will want to thank Jessica Ennis-Hill for all that she has done, for her achievements in her chosen sport and for the inspiration she has given to so many aspiring young athletes, and women athletes in particular, in Yorkshire and far beyond in the UK.

[Nick Smith (Blaenau Gwent) (Lab)]

Houmous and taramasalata are big business in Blaenau Gwent. Zorba Foods makes dips, employs more than 300 people and has a turnover of £50 million a year. However, the cost of its imported ingredients such as chickpeas has increased because the pound has dropped by nearly 20%. May we have a debate on Brexit and its impact on family food bills, because it looks like both breakfast and lunch are getting more expensive as our currency weakens?

[Mr Lidington]

We seem to be moving from toast and sandwiches through to pitta bread and dips. The truth is that when sterling falls, imports become more expensive but exports become cheaper. When sterling rises, it is the other way around. Companies of all types learn to plan and adjust for those currency risks. Currencies go up and down, fluctuating in value. If the companies in the hon. Gentleman’s constituency are producing good, high-quality products in an efficient way, they should look forward to a successful future.