Amendment of the Law

Part of the debate – in the House of Commons at 1:54 pm on 8th March 2017.

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Photo of Andrew Tyrie Andrew Tyrie Chair, Treasury Committee, Chair, Liaison Committee (Commons), Chair, National Policy Statements Sub-Committee 1:54 pm, 8th March 2017

I will end with a word or two about Brexit, but I will not comment on the exchange rate except to say that devaluation makes the country poorer, but devaluations can come and go. We need to look at it as a shock absorber that the market has put in place as a consequence of the Brexit decision and in a much more long-term framework rather than judging it, as we are now, so soon after the event. Brexit does pose the risk of a trade shock.