Post Brexit: Economic and Political Opportunities

Viscount Waverley Excerpts

Thursday 25th March 2021 Lords Chamber

[Lord Frost (Con)]

My Lords, the economic situation is clearly hugely influenced by many factors including stock building, the implementation of the Trade and Cooperation Agreement and the effects of the pandemic, which has dramatically affected markets in Europe, to which many of our smaller companies and food companies export. We are working very closely with all those companies to deal with the difficulties they face, and we will continue to do so in support of our great food and drink industry.

[Viscount Waverley (CB)]

My Lords, I echo the approach of the noble Baroness, Lady Smith, to this question. The first set of concrete numbers are now available and starting to speak for themselves. What is the reaction to Santander UK’s recent barometer survey published this week showing that 16% of the businesses surveyed—equating to 1,000 businesses—say that European supply chains are no longer viable and 23% say that the increase in the costs of bureaucracy currently prohibits them trading with existing UK markets? Then there is this morning’s news that Santander UK is closing 111 UK branches with the loss of 5,000 jobs. What plans do the Government have to fix these issues?

[Lord Frost (Con)]

My Lords, the ongoing pandemic is clearly having a significant effect on the economic situation in Europe and in the UK. That cannot be removed from the economic situation we are trying to consider. We are working very closely with goods exporters, services exporters and all companies to enable them to deal with the new processes they face to ensure that they can continue to prosper after Brexit.