Next Steps in Leaving the European Union

Debate between Rachel Reeves and David Davis

Monday 10th October 2016 Commons Chamber

[Mr Davis]

I need no urging to ignore the party that, after all, gave us the Lisbon treaty. My hon. Friend is right with respect to the viewpoint of nation states. This will take time to play out. Some nation states, including Germany, are at present very committed to making the punishment arguments, but I think that will change. Other nation states are already making the counter-arguments, and we will see that group grow and grow as the next two and a half years pass.

[Rachel Reeves (Leeds West) (Lab)]

Today at airports, holidaymakers are being offered less than €1 to the pound. My hon. Friends the Members for Nottingham East (Chris Leslie) and for Wolverhampton North East (Emma Reynolds) have asked about the 15% decline in the value of sterling since the referendum, but so far the Secretary of State has failed to answer. We have seen huge uncertainty since our decision to leave the European Union. What efforts will the Government make to provide greater clarity for businesses and the economy, and to ensure that the Government are a little more careful with their words, which would help with the volatility and the sharp declines we have seen in the value of sterling in recent weeks?

[Mr Davis]

I really will not take any lectures about being careful with my words from that lot over there. These are the people who have talked the pound down time and again.