I rise to support Lords amendment 51 and amendment (a) to it, tabled by Labour Front Benchers, and the amendments on the customs union. The EU referendum has undoubtedly changed our country completely, and there will be ramifications for our economy and society. The enormous job of leaving the EU represents a huge challenge for any Government, but we must remind this Government that whether people voted to leave or remain, they did not vote to become poorer. Yet the uncertainty and the shambolic way in which the negotiations have taken place are already having an effect on our economy: investment is down and, as the Governor of the Bank of England has stated, already 2% has been knocked off growth in the economy and we are losing £10 billion a year. Household income is down by £900 a year, which is money out of people’s pockets. There are major ramifications for all our constituents and their livelihoods.
My constituency is sandwiched between the City of London and Canary Wharf, and although I am no stranger to giving them a hard time for not doing more to create inclusive growth and ensure that the benefits reach everybody, I certainly do not want to see our country’s financial centres, which power our economy, contribute 12% of the taxation that funds our public services and create 2 million jobs, damaged by negotiations that keep us out of the customs union and
the single market. If we are serious about dealing with the issues that affect our country, we must recognise the concerns not only about immigration, but about the jobs and livelihoods of the people we have to stand up for.
As other Members have said, the consequences of not being in a customs union and a single market are profound. That is why I will be supporting Lords amendment 51, but with a heavy heart, because I do not want to be in a different position from those on our Front Bench. But I believe that it would be wrong for me not to support it, because that would damage the interests of my constituents and the interests of millions of jobs and livelihoods across our country.