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The hon. Gentleman is absolutely right. We are seeing business confidence falling and investment falling. These things are matters of fact.
I will come to some more figures in a moment, but first I wish to talk about the UK’s standing in the world. People talk about democracy and the UK’s standing. They talk of unelected bureaucrats, but the greatest number of parliamentarians are the unelected ones in the House of Lords. That is not democracy. The European Parliament is elected, the Commission is accountable to that Parliament, and the Council is made up of the 28 elected Governments as well. That is a damn sight more democratic than this place is.