My Lords, one could view the Bill as the final step in the long process, over four years, of retrieving our laws from the EU, through hundreds of statutory instruments, and realigning them with domestic law. The Bill delivers the final batch and will implement it. Like the noble Lord, Lord Butler, I congratulate the negotiators on their remarkable achievement.
As such, the treaty and Bill are welcome, but they are welcome for so much more, because the outcome brings certainty by concluding four fractious years, at last allowing business to plan and invest for the future. More importantly, they restore sovereignty. Edmund Burke said that the state is something
“to be looked on with … reverence”.
Indeed it is, but it is something more than that: sovereignty gives a nation a mainspring, an inner core, without which its sense of identity and, therefore, its drive and purpose are blurred. Our sovereignty, shared with the EU for many years until now, has a direct and practical relevance to how we go forward.
It has been said that the treaty sets a new standard in trade deals. It certainly enables us to conclude further deals with other nations, free from the handcuffs of EU control. We have just concluded a major deal with Japan. Turkey is said to be poised to conclude
one with us. The Trans-Pacific Partnership, embodying many of the fastest-growing nations in the world, is beckoning. Australia, Canada, the United States and others are also on the list. I was encouraged to read that the Department for International Trade, part of the old department where I sought to champion free trade, is already reassessing its former methods of appraising economic benefit in trade deals and tipping towards our national strengths in the international market, where the business potential is huge.
One cannot help but notice the change of tone within the business and financial commentariat. Where there used to be endless gloom about leaving the EU, now, from the Bank of England downwards, the tone is much brighter. The pound is stronger and the stock market is rising, because we are free from control in the slowest-growing continent in the world.
I hope that our future relationship with the EU, still a major market for us, will be close and productive. We may be able to support it better from the outside and by example, but the EU’s share of world trade has crashed during the years of our membership. We can do better, following the outcome that this fine broad-based treaty represents. We should now come together as a nation, look to the future and seize the opportunities.
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