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Leaving the EU: Wales — [Mr Adrian Bailey in the Chair]

Part of the debate – in Westminster Hall at 9:30 am on 25th October 2016.

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Photo of Stephen Kinnock Stephen Kinnock Labour, Aberavon 9:30 am, 25th October 2016

I absolutely agree. We have seen in all the feedback since the Brexit vote that businesses are in a holding pattern. Many companies, both outside and within the UK and the EU, are waiting to see how things develop in the wake of Brexit. We have no idea what the Government’s top-level negotiating position will be in terms of hard or soft Brexit, and we have no idea what the plan is on the budgetary side in terms of replacing EU funding. That double whammy causes massive uncertainty for business. It relates back to the point on the multiplier effect. EU funding opens the door for other businesses coming in, and that uncertainty is the enemy of business, as my hon. Friend says.