Exiting the Eu: Costs

Part of the debate – in the House of Commons at 12:48 pm on 29 November 2017.

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Photo of Iain Duncan Smith Iain Duncan Smith Conservative, Chingford and Woodford Green 12:48, 29 November 2017

I am not in favour of anything that is not legal, so I support my right hon. Friend completely. I am also in line with my right hon. and learned Friend Mr Clarke, in that whatever the legal agreement is, bound against the contingency of a free trade arrangement, it is exactly what the Government will set out to do. Will the Chief Secretary please remind those who have raised this question that even if we agreed a figure of something in the order of £40 billion over 40 years, because we will not be paying contributions to the European Union, it means that the UK Exchequer will be better off by £360 million in the course of those 40 years—a net gain, with a free trade arrangement?