[3rd Allotted Day]

Part of Business of the House – in the House of Commons at 12:42 pm on 6th December 2018.

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Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer 12:42 pm, 6th December 2018

What has happened is clear: the deal has not convinced the Government side and certainly has not convinced the people. It has not convinced a majority in the House so far.

The Government analysis estimated that the impact of trade barriers alone could mean an average drop in wages of 3%—£800 a year, in today’s terms. The regional growth impact is worst in our exporting regions such as the north-east and the west midlands. Other organisations have come to similar conclusions. The Bank of England said that GDP would be almost 4% lower by the end of 2023. The National Institute of Economic and Social Research put the damage at £100 billion in real terms.