My noble friend makes a very good point. The uncertainty is already having an impact on the space industry because aspects of it are moving abroad. The same applies to the automotive industry, where we have had such growth in recent years. The impact of customs arrangements on the industry will be so complex that it will not be able to import and export parts across borders during the manufacturing process as companies have been doing. People occasionally say, “Well, what you can do is produce all the goods in one country”. They make the point that it takes about five years to develop a supply chain in one particular process in one country. It is extremely difficult, nigh on impossible, to do that in the modern world.
To conclude, I meet dozens of representatives of businesses in the transport sector on a weekly basis. I am assiduous in meeting organisations and individual companies and going on visits in order to take the temperature of their views. I am yet to meet a single
one who thinks they would be better off outside the EU, outside the single market, outside the customs union. They are, with a will, trying to prepare themselves for the worst, but they still hope for the best.