The right hon. Lady is absolutely right and brings me neatly to the point that I was about to make about one of the great industries in our capital city: the impact on the services sector, including financial services, and the City of London, which is a network built on relationships, technology and agreements with the EU and, through it, with other countries. I would describe it as a delicate ecosystem, part of which is built on managing risk. Members should not be terribly surprised if those who manage risk for a living, looking at the risks that they think that they might face from not getting an agreement that would allow them to carry on what they have been doing, draw their own conclusions about where they will put their business, where they will do their business and where they will employ their staff in future.
On the great repeal Bill, mentioned by my right hon. Friend the Member for Doncaster North (Edward Miliband), I have christened it the great incorporation Bill. Entrenchment, incorporation—are there any more suggestions? I trust that the Bill will make it clear to workers that their employment rights will be protected
and to people who care passionately about the environment that the environmental protections that have come from our membership of the EU will be maintained in future.
Now, in all this, there must be transparency. I accept the argument that it would be unreasonable for the Government to reveal their detailed negotiating plan and their tactics before advancing their case in those negotiations, but that is not the same as being unwilling to answer questions about what our negotiating objectives are, and it is not the same as being unwilling to share the assessments that the Government have made about the possible consequences of leaving the EU.
On the first, the questions are very simple. Do the Government intend to remain in the Euratom treaty? Do they wish to continue to be part of the European Medicines Agency—which, by the way, is based in London—Europol and the European arrest warrant? What about the European Aviation Safety Authority, the European Patent Office and the European Banking Authority? Those are very straight questions about the Government’s negotiating objective when they talk to the other 27 member states.
On the second, we all saw the story on the front pages of The Times and The Guardian yesterday about the alleged draft Cabinet Committee paper that talks about the loss of GDP that we can expect and the detrimental impact on tax revenues. It is good that the Government are making assessments; it would be nice if they could be shared with the House, as well as with The Guardian and The Times, because we need to know the consequences of the different options that are being looked at.
My final point is about a new relationship with the European Union in the areas where co-operation has been to our mutual benefit—in particular, security, defence and foreign policy. It is essential—think of the debate that we had on Aleppo and Syria yesterday—that we continue to co-operate closely with our European neighbours, even though we are leaving the institutions of the European Union. This will be a very complex and daunting process, and I do not envy Ministers, because having to do this on top of meeting all the other demands of a ministerial job is not something that any of us would relish, but it is the responsibility of Members in all parts of the Chamber to make sure that we scrutinise and hold the Government to account as they give effect to the decision that the British people have made.
The point has been made that as one of the main reasons advanced by those who said that we should leave was that it would restore the sovereignty of the House, Ministers cannot now argue that exercising sovereignty should not extend to the biggest challenge that the country has faced since the end of the second world war. Ministers need to understand that when we get to the end of the negotiations, this House will and must take a view on the nature of the agreement that the Government have negotiated, because it will affect every single one of us, our children, and all the generations that will come after us.
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