Article 50

Owen Smith Excerpts

Tuesday 24th January 2017 Commons Chamber

[Mr Davis]

Yes, absolutely. I will not rehearse all the arguments again, but I will provide whatever information I can and as much information as I can, as promptly as I can, bearing in mind that the process is likely to start next week.

[Owen Smith (Pontypridd) (Lab)]

I agree with the Secretary of State that the Prime Minister was very clear in her speech last week that we are leaving the single market and likely the customs union. Before the referendum, his Government said that that would cost the British people £66 billion or roughly half the cost of the NHS per year. Do the Government stand by that estimate or is there a different estimate today? If so, will he tell us what it is?

[Mr Davis]

I will say two things. First, Andy Haldane, the deputy governor of the Bank of England, has talked about a Michael Fish moment for economic forecasters. The hon. Gentleman might deliberate on that the next time he wants to ask a question like this. Secondly, economic models and forecasts are only as good as the assumptions that go into them. The point that the Prime Minister made last week was not just that we would not be a member of the single market, but that we would seek the freest and most barrier-free access in the interests of the people of Wales and others. That is what we will seek, but the negotiation is not complete yet. That is our aim and if we succeed, it will be hugely valuable for the people of Wales.