Tony Lloyd
Main Page: Tony Lloyd (Labour - Rochdale)Department Debates - View all Tony Lloyd's debates with the HM Treasury
(7 years, 5 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Stephen Barclay
My hon. Friend rightly champions that key sector which provides £71 billion of tax to fund public services. It is in the interests of the UK and the EU to avoid fragmentation because that will increase costs, and the Prime Minister has made it clear that we are ambitious, in terms of the trade deal that we reach with the EU, to come to an arrangement that delivers regulatory equivalence.
Tony Lloyd (Rochdale) (Lab)
Does the Chancellor accept that the confusion and conflicting ambitions of the Government’s policy on Brexit are already having an impact on investment? In the long run, that will be massively damaging to the economic prospects of this country.
Mr Philip Hammond
No, I do not accept that. However, I readily agree with the hon. Gentleman that, as I have said many times in the Chamber, the process of negotiating our exit from the European Union and then executing that exit is bound to create uncertainty, and uncertainty is always unwelcomed by business. The challenge for us is to secure as much certainty as possible as early as possible for business, and that is our focus.