European Union (Withdrawal) Act — House of Commons, 2018-12-04
Topic: Foreign Trade
John Vincent Cable (Liberal Democrats, Centre to centre-left): My right hon. Friend is absolutely right, and he speaks with the authority of his Select Committee. Many universities will be among the biggest casualties of Brexit precisely for this reason. The loss of the Horizon and Erasmus programmes, and in some sectors the loss of Galileo, will be a major blow to the UK economy On the specific issue of trade deals, the countries that really matter are the United States, India, China and possibly Russia. We know about the United States, which has made it absolutely clear that an "America first" trade agreement will mean fewer British exports to the United States and more imports to Britain from the United States. It is quite unambiguous about how it defines a successful trade deal. When the right hon. and learned Member for Rushcliffe (Mr Clarke) and I negotiated with the United States on the Transatlantic Trade and Investment Partnership agreement, even the milder Obama Administration made it clear that they wanted British food standards to be shredded and that they could offer very little in return because public procurement, which is a key issue in the United States, is a state function Agreement with India is also difficult to achieve, as we have already heard. It is a very protectionist economy, and it would offer limited access for whisky and financial services in return for a substantial increase in visas for relatively low-paid Indian professional workers, which the Prime Minister has already specifically ruled out. The Chinese might reach an agreement, but only if we turned a blind eye to Chinese practices on intellectual property and the rest, and we are trying to impose more sanctions on Russia, so what kind of a trade deal could we possibly get there? This really is a fantasy. However, we need to be careful—this is where the amendment of the right hon. Member for Leeds Central (Hilary Benn) is so important—that we do not allow the development of the argument that we must have the possibility of no deal. There was an argument for saying that the no-deal option must be kept on the table when we were negotiating with the European Union, but an agreement has been reached and no better terms are going to be obtained. The Prime Minister is now negotiating with the House, and that is why no deal is there. It is not to threaten Europe, but to threaten us, and we must stand up to that and reject it absolutely Finally, a people’s vote is essential because we must give people the choice now that we know what Brexit means. We need informed consent, not just an opinion expressed on promises made at the time. The perfectly reasonable argument has been advanced that we want to bring the country together, and the Prime Minister spoke eloquently about that. We do not want to perpetuate division, but the brutal truth is that the country is bitterly divided, and it will be bitterly divided if we leave under the terms that the Government have negotiated. We will be entering into a set of conditions in which the economy will deteriorate relative to how it would have performed in the European Union. The younger generation coming through will bear the brunt of the costs. Most of them voted to remain in the EU—an estimated 80% of 18 year olds wish to remain—and there will be great bitterness and resentment about what the older generation has imposed upon them. The issue will not go away, and there will be continued demand for a further vote on the question.