No-Deal Brexit: Short Positions Against the Pound

Part of the debate – in the House of Commons on 30th September 2019.

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Photo of Simon Clarke Simon Clarke The Exchequer Secretary

The right hon. Gentleman makes a point that we have often debated in the House. We believe on the Government Benches in delivering on the referendum mandate, which was to trigger article 50 and leave the European Union. The operation of article 50 is clear—we leave with a deal if we can secure it, but without a deal if we cannot. The Government have invested billions of pounds in no-deal preparation. Much of that money has been invested subsequent to the November 2018 report, which did not touch on dynamic policy options open to the Government after we leave the European Union. I think in my own region, for example, of free ports. The modelling is not perfect, and does not encompass all the options that are open to us. None the less, as I say, the base case—the Government’s working assumption—is that we will leave the European Union with a deal.

That is what we are working towards. The crucial summit is only three weeks away, and it would help if the House got behind the Government’s efforts to try to secure a sensible deal, take us out and move the country forward. This is the umpteenth debate that we have had in the House on this issue. We go round in circles and do not make progress, because one side of the House refuses to contemplate any sensible way out of this impasse.