Unlike most contributors to this debate, I do not believe that we are spending the money in these estimates to take the United Kingdom into some dismal future. Rather, it is essential that this money is spent in order to ensure that this country has a bright future. I do not want to debate the reports about our future economic prospects, other than to say that 15-year economic reports do not mean a great deal. We can dispense fairly quickly with 15-year economic reports that are full of caveats that highly uncertain figures should not be used as forecasts or given any weight as single-point estimates. None of the reports made to date have come to fruition. In fact, all the gloomy forecasts have been totally dispelled in the short run.
The money that we are spending in these estimates to exit the EU is money well spent. It will release billions of pounds in the future from our EU contributions. It will open new horizons to do trade deals with the parts of the world economy where 90% of future growth will happen. It will enable us to stop the imposition of the red tape from Europe that stifles innovation and new industries in the United Kingdom. Indeed, it is the established industries that most hanker after the directives, because they influence the regulations from Europe in
order to cut out competition, so that should indicate that we are going in the right direction. The money is essential to open up a bright future.
It is important that we are prepared. People have commented on the unpreparedness and the fact that we have a lot of work to do in the negotiations. Yes, the establishment and the elite may well have found the referendum result unexpected, but that was because they were all so cosy in their little arrangement. However, the people voted in a certain way and now the Government must act, which is why we have the Department for Exiting the European Union, and it is important that we prepare for all the different scenarios, including for no deal.
When we look at how European bureaucrats and negotiators are treating the situation, they still do not believe that the views that people expressed in the referendum will actually be implemented. We therefore get the kind of nonsense that we have had from Michel Barnier over the last couple of weeks. He has threatened us with things like, “If you do not behave, you will be punished,” and now that has to be put into legal language that will almost tie us to an option that keeps us in the single market and the customs union. It is important not only that the Government send out a signal, but that they are prepared to walk away on WTO rules if there is no good deal for the United Kingdom. That should be used as the basis to negotiate a future free trade arrangement.