Well, that was regarded as a political crisis. I am sure my hon. Friend did not welcome the ERM and say what a triumph it was to see sterling collapse as it did.
The present position is uncertainty. Although we have to go to March, we need to clarify some things. The uncertainty is not helping. Nobody is going to invest in this country in any international project until there is some clarity about our relationship with the outside world. To anybody who just thinks that devaluation is a good thing and Black Wednesday was White Wednesday, I could not disagree more. The situation is that we have now devalued by 40% since 2006 and we have the biggest current account deficit in this country’s history. So the stimulating effect to exports has had its limitations so far. I think we should ask ourselves the question: what is raised by all this?
It is said that it does not matter: we have had the referendum, the public have spoken and all these things were determined. Indeed the Secretary of State, who shifted quite a bit from where I thought he was going to be a couple of days ago when I first saw the Government’s motion, still starts by saying, “The people have spoken” and that all these things have been decided. Well, I do not accept that. These issues were not addressed during the referendum. In the national media, the debate on both sides was pathetic. The questions about how many millions of Turks were going to come here, how far income tax was going to go up and health service spending cut, depending on which way you went, achieved rather more prominence than the details of the customs union, and the single market and its effect on any part of our economy.
No two Brexiteers agree, even today on these Benches. There are firm Brexiteers who think that we obviously need the single market, and there are firm Brexiteers who think, “Oh no, we don’t have to do that. It is so important to German car manufacturers and wine exporters that we can stay in the single market.” Actually, that more reflects the debates I have had with Eurosceptics over the years. The one thing I have never previously disagreed about with any of my Eurosceptic friends in the Conservative party is free trade. They absolutely enthuse with their belief in open markets, free trade and the removal of barriers. Indeed, the other new Secretary of State, who will be responsible for trade relations with the rest of the world, made a speech about the benefits of free trade and globalisation, which made me sound like a protectionist only a few moments ago.
I do not think there is a mandate for saying we are pulling out of the completely open access we have at the moment to a market of 500 million sophisticated, wealthy consumers, and that we feel perfectly free now to go on a voyage of discovery to see how much of that we can retain. My constituency voted in favour of remaining, but anybody who tells me there was a mandate in favour of that, among the leave camp and the 17 million people who voted to leave, is, I think, going to be greeted with a certain amount of disbelief. I therefore think it is a pity that the Secretary of State was obviously still quite unable to say whether the objective of the Government is to stay in the single market and the customs union or not. He gave great assertions. I am delighted to hear that they will be seeking to negotiate to maximise the best interests of the UK and the British people—that is very reassuring—and he hopes to get the best terms he can possibly get on access. Every other member state, however, will make it quite clear to its Parliament and its people what attitudes it is taking during these negotiations towards the single market. We are not.
We are making progress—I will conclude on this point and keep to my limit—and the Government amendment is a step forward that I did not expect to see. I welcome that. I would have voted for the Labour party’s motion. We still have no offer of a vote and we need clarity on the policy the Government are going to pursue, because the Government are accountable to this House for the policy it pursues in negotiations.
2.47 pm