I want to say a few words in favour of Lords amendment 51 on the European economic area.
Staying in the single market and the customs union is critical to jobs and prosperity. Trade figures published only last week show that 62.3% of the north-east’s exports go to the EU. The president of the CBI has said today that the UK car industry is facing extinction. Such comments should worry us all, but they should
send a chill around every community in the north-east of England. The north-east is home to Nissan, which exports many of the cars it builds. It directly employs around 6,500 people, with more than 25,000 people employed in the supply chain. Everyone in the north-east knows someone who does something for Nissan.
I have never been one of those who say that companies like Nissan will close on Brexit day, but I worry about the long-term investment opportunities in industry in my region. In the north-east we know what happens when an industry is faced with slow but inevitable extinction.