The OECD says all those things, but people in the motor industry are very clear that the uncertainty is an absolute killer when it comes to long-term investment. Of course, many of the decisions are not being made here, but in Japan. Those decisions are already being made, and are doing us huge harm. Of course there is a range of factors, but it is hard to imagine such instability not causing problems to our industries and universities.
The Government’s no-deal impact assessment, published two weeks ago, states that
“food prices are likely to increase”
and that customs checks could cost business £13 billion a year—an extraordinary sum of money. I have just come from an event that was about how our maintained nurseries are facing closure for want of a fraction of that amount. Why on earth are we doing it?
The Government’s report also said that the worst-hit areas economically in a no-deal scenario would be Wales, losing 8.1%, Scotland, losing 8%, Northern Ireland, losing 9.1%, and the north-east, losing 10.5%. It is no comfort to those of us in the west midlands and the east that it would be marginally better for us. Reportedly, even the most enthusiastic Brexiteers acknowledge that there could be problems in the short term. At least on that we can probably all agree.