European Union (Notification of Withdrawal) Bill — House of Lords, 2017-02-21
Topic: Macroeconomics
Rosalind Altmann (Conservative, Centre-right): My Lords, I rise with trepidation to speak in this historic debate. We live in troubling times. As the Prime Minister has rightly said, we must all respect the result of the referendum. That is why we are here today. Having spent many years trying to help ordinary people who have been affected by economic or pension policy changes to achieve better outcomes, I have often warned Governments when I believe that policy is damaging or unjust. I have always relied on economic or social rationale for such policy analysis, rather than political logic. Indeed, I have seen many times how short-term political considerations have led to long-term problems. I fear that this is happening now as politics is being put above economics For the first time in my life, I have been afraid of saying publicly what I believe is right. I fear the personal attacks, social media threats and hated-filled letters to which those of us counselling caution in interpreting the results of the referendum are subjected. I have listened to politicians admitting that they believe that leaving the EU in the manner apparently planned will be economically damaging and could undermine peace and prosperity for the future, but then saying that they will vote for it anyway. In all good conscience, and despite the consequences I may personally face, I cannot follow that example. I have been proud to sit on these Benches and to work with so many marvellous colleagues and with noble Members on other sides of this House. However, even though it will upset many, I have to say that the Bill could do as yet untold, unquantified damage to our economy and to the future of our great nation. In their hearts, many noble Lords believe this too Of course, the easiest thing to do is to keep quiet and just go along with what is happening. Believe me, I have felt the pressure to do so. However, my judgment is that the Bill needs amendment. It seeks to bypass proper parliamentary scrutiny and assumes that the will of the people expressed at just one moment in time has given carte blanche for any course of action, even the most extreme. That is not right. On an issue of such magnitude, it is irresponsible to plough ahead without proper preparation, as we seem to be doing at the moment. Of course, I accept that the elected Chamber has the final say, but what is the role of this House? Is it to just trot through the Lobby regardless of our considered views? No, I believe that the role of this unelected Chamber is to point out where legislation needs amending and to ask the other place to reconsider when we believe that mistakes have been made. If we do not do so on this issue, then, when Having studied UK and European economies and policies since the 1980s, I have seen that many of the EU’s problems stem from putting politics above economics. The euro, which I never supported, is a classic example of a political construct with damaging long-term economic consequences, but politicians who could have foreseen this ploughed on regardless. More focus on the longer-term economic and social consequences of pension policy, with better planning and safety nets, could have averted many problems too. I absolutely respect the result of the referendum. The people have spoken; they made a decision. However, MPs have interpreted this as a mandate to rush headlong into lighting the fuse of a two- year time bomb. Once lit, we probably have around 18 months to work out a way forward for our country of 65 million people. Should we not be as best prepared as possible for the coming crucial period? My question is: are we ready Clearly, there is deep dissatisfaction with the EU among millions of British people. Indeed, worldwide there is deep disquiet with conventional politicians and political discourse. But the way to rebuild trust and confidence in politics is not to lead the country over a cliff edge without taking care to put in strong safety nets. Yes, the people have spoken and, yes, we must listen. They now trust us to do our best for them. Some of my leave friends have covered themselves with the mantle of patriotism, as if they alone are acting in the national interest and protecting its sovereignty. I respectfully say to them, "You do not have a monopoly on patriotism. We do not question your love for this country. Please do not question ours". We should not be hurried into this without far better preparation for such a potentially irreversible journey, and without a careful and credible plan. The White Paper is not such a plan. It is not a considered assessment of the consequences of triggering Article 50 or leaving the single market and the customs union. It is a wish list. The White Paper does not quantify the costs. It is a cost-benefit analysis itemising only the benefits and none of the costs. Where is the risk assessment? It is full of hype and hope detailing great possible outcomes. As a marketing document, this would fail the "treating customers fairly" test that is applied to all financial firms. You could not sell someone a washing machine, let alone a pension, on the basis of this type of analysis. Yet for the most important financial decision that our country may make and this House is being asked to consider, there is not one estimate of the costs And what about immigration? From a demographic and economic point of view, immigration is absolutely essential. The NHS, social care, agriculture, academia and construction rely on immigration. Our ageing population is moving into retirement with fewer younger people to support it. Immigration has helped power our growth for the past few years. The conclusion that the British people voted to stop immigration regardless of the impact on the economy, and to leave the single market regardless of the impact on our living standards, is unsafe. Some did, but most were led to believe that somehow leaving the EU would mean no more immigration and a better economy. That is, quite frankly, fantasy Finally, all parliamentarians were freed from party-political shackles during the referendum. Why is that not the case now? If we are going to get a great deal on leaving the EU, why the fear of putting it to Parliament or the people? I ask all noble Lords to act in accordance with their conscience and to exercise their judgment of what they truly believe is in the best interest of all the people of the United Kingdom, and of our children and grandchildren who were not given a vote. If that means sending the Bill back to the other place with amendments, so be it. Is that not what we are here for?