European Union (Withdrawal) Act

Patrick Grady Excerpts

Monday 14th January 2019 Commons Chamber

[Kirsty Blackman]

I think the UK Government are trying to say as little as possible about the economic analysis because they know that Brexit will damage the economy.

I am specifically focusing on the economy, but I will talk about other things in a few moments. Investors have pulled $1.01 trillion out of UK equity funds since the 2016 referendum. That is an eye-wateringly large figure, and it comes as a direct result of the referendum according to Emerging Portfolio Fund Research, a data provider.

The Scottish Government have said that our GDP would be £9 billion lower under a free trade agreement—that is not under a no-deal scenario—than if we stayed in the EU. Amazingly, the figure is significantly more than even the most Unionist of commentators said that independence would cost the Scottish people. We are stuck with the UK, which is making terrible decisions and cutting more off our GDP than even those least in favour of independence said that independence would cut from our GDP.

[Patrick Grady (Glasgow North) (SNP)]

My hon. Friend is making a fantastic point. Is not the core of her argument that nobody, however they voted in the 2016 European referendum, voted to become poorer? That is all the more reason to put this to the people again in a people’s vote so that folk can have their say now that they know what the consequences of Brexit actually are.

[Kirsty Blackman]

My hon. Friend is absolutely right. People were told stories about unicorns and mermaids. They were told that there would be amazing economic largesse in the event of Brexit, and they have been told that for a huge number of years, and not just in relation to the Brexit vote. People have been told by politicians that those who choose to come to live and work in this country make us poorer, which is an absolute lie. Those people contribute to our GDP, they contribute to reducing our public sector net debt and they contribute to our economy, and that is without going into the cultural and social benefits.