It is a great pleasure—a nostalgic pleasure—to follow the right hon. Member for Sheffield, Hallam (Mr Clegg). He reiterated the fears he first enunciated in relation to our leaving the exchange rate mechanism, and those fears proved to be wrong. He next enunciated those fears in relation to our not...

It is a great pleasure—a nostalgic pleasure—to follow the right hon. Member for Sheffield, Hallam (Mr Clegg). He reiterated the fears he first enunciated in relation to our leaving the exchange rate mechanism, and those fears proved to be wrong. He next enunciated those fears in relation to our not...

My hon. Friend is absolutely right. Trade deals take place because they are in the mutual interests of both parties; they are not military conflicts. They take place between two parties, like trade itself.

A very plausible but incorrect argument is that trade agreements always take a long time. When the...

My hon. Friend is absolutely right. Trade deals take place because they are in the mutual interests of both parties; they are not military conflicts. They take place between two parties, like trade itself.

A very plausible but incorrect argument is that trade agreements always take a long time. When the...

They probably want trade deals with whoever they can negotiate sensible ones with, if they are sensible. They will not say that it is either/or; they will want a trade deal with us, because we are the fifth biggest economy in the world, and they will probably also want a...

They probably want trade deals with whoever they can negotiate sensible ones with, if they are sensible. They will not say that it is either/or; they will want a trade deal with us, because we are the fifth biggest economy in the world, and they will probably also want a...

Switzerland moved its banking centres to London post big bang and before the single market. I negotiated the second banking directive, which introduced

passporting for banks. I was very proud of it, and subsequently wanted to make a speech saying what a wonderful thing it was, and how wonderful the...

Switzerland moved its banking centres to London post big bang and before the single market. I negotiated the second banking directive, which introduced

passporting for banks. I was very proud of it, and subsequently wanted to make a speech saying what a wonderful thing it was, and how wonderful the...

That is a very good point that I was going to come on to. It takes quite a long time for the EU to negotiate a trade deal with Canada, for example, because each country has tariffs against the other, and different product specifications and so on. Each has to...

That is a very good point that I was going to come on to. It takes quite a long time for the EU to negotiate a trade deal with Canada, for example, because each country has tariffs against the other, and different product specifications and so on. Each has to...

I am afraid the hon. Gentleman has burned his boats.

Another myth, which I am afraid has been proffered by my right hon. Friend the Foreign Secretary, is that we will need to renegotiate trade agreements with all the countries with which the EU currently has trade agreements. That is not...

I am afraid the hon. Gentleman has burned his boats.

Another myth, which I am afraid has been proffered by my right hon. Friend the Foreign Secretary, is that we will need to renegotiate trade agreements with all the countries with which the EU currently has trade agreements. That is not...

I am sorry, but I am under pressure to finish.

I will say one final word, on the single market. It is often talked about as some arcane inner sanctum. It is simply the European market. It is like the American single market. We have no agreement with the American single...

I am sorry, but I am under pressure to finish.

I will say one final word, on the single market. It is often talked about as some arcane inner sanctum. It is simply the European market. It is like the American single market. We have no agreement with the American single...

rose—

rose—

No, I have not, but I will read it with great interest in due course. I doubt whether it is as authoritative or broadly based as the one produced by the House of Lords. The shortages argument is plausible. It implies that we want a fixed number of people, should...

No, I have not, but I will read it with great interest in due course. I doubt whether it is as authoritative or broadly based as the one produced by the House of Lords. The shortages argument is plausible. It implies that we want a fixed number of people, should...

Well, if they are not earning the profit, someone else is getting the profit from employing people, and they could employ other people instead.

Well, if they are not earning the profit, someone else is getting the profit from employing people, and they could employ other people instead.

If the hon. Gentleman is saying that a marginal element of the £6 billion is a net contribution that has somehow been given to us, let us cut the figure down to that small part of the £6 billion. The House of Lords Committee rightly demolished the argument that I...

If the hon. Gentleman is saying that a marginal element of the £6 billion is a net contribution that has somehow been given to us, let us cut the figure down to that small part of the £6 billion. The House of Lords Committee rightly demolished the argument that I...

It is a pleasure to follow the hon. Member for Hendon (Mr. Dismore), who speaks with great knowledge about Chinese restaurants. He mentioned in passing that one of the problems, as he saw it, was that the pay of people working in Chinese restaurants had gone up by 35 per...

It is a pleasure to follow the hon. Member for Hendon (Mr. Dismore), who speaks with great knowledge about Chinese restaurants. He mentioned in passing that one of the problems, as he saw it, was that the pay of people working in Chinese restaurants had gone up by 35 per...

I would have thought that the hon. Gentleman was a good enough economist to know that value added equals income equals consumption. There is not some loss by profit; if the people are earning profits, that is an income and they will consume it.

I would have thought that the hon. Gentleman was a good enough economist to know that value added equals income equals consumption. There is not some loss by profit; if the people are earning profits, that is an income and they will consume it.

I should say that I am the right hon. Member not for St. Albans, but for Hitchin and Harpenden. When we signed the accession treaty relating to the eight accession countries of eastern Europe, we were not required to grant unlimited and immediate access rights; we had the right to...

I should say that I am the right hon. Member not for St. Albans, but for Hitchin and Harpenden. When we signed the accession treaty relating to the eight accession countries of eastern Europe, we were not required to grant unlimited and immediate access rights; we had the right to...

The Minister seems to be saying that we should rely on a points-based system to restrict immigration, and that we should not rely on a cap as that affects only 20 per cent. of those currently coming in. As the points-based system affects only 20 per cent. of those coming...

The Minister seems to be saying that we should rely on a points-based system to restrict immigration, and that we should not rely on a cap as that affects only 20 per cent. of those currently coming in. As the points-based system affects only 20 per cent. of those coming...

Does the Minister recognise that, to economists, the very concept of a shortage in a free market is a difficult one to grasp? If the wages for a particular skill are allowed to reach the market clearing level, the supply will, by definition, equal the demand. If demand changes, employers...

Does the Minister recognise that, to economists, the very concept of a shortage in a free market is a difficult one to grasp? If the wages for a particular skill are allowed to reach the market clearing level, the supply will, by definition, equal the demand. If demand changes, employers...

To ask the Secretary of State for Communities and Local Government if she will estimate the impact on housing prices of the level of immigration projected by the Government Actuary's Department.

To ask the Secretary of State for Communities and Local Government if she will estimate the impact on housing prices of the level of immigration projected by the Government Actuary's Department.

I entirely agree that it is quite wrong to base any policy on abuse of the character of immigrants or would-be immigrants to this country. Does the Minister agree that it is equally wrong in an election or otherwise to abuse people who believe that it is none the less...

I entirely agree that it is quite wrong to base any policy on abuse of the character of immigrants or would-be immigrants to this country. Does the Minister agree that it is equally wrong in an election or otherwise to abuse people who believe that it is none the less...

The idea that southern England needs to be encouraged to import masses of people because Scotland is unable to retain its own population would be wrong. In any case, I have good news for the hon. Gentleman: the flow from Scotland to the rest of the UK has ceased and...

The idea that southern England needs to be encouraged to import masses of people because Scotland is unable to retain its own population would be wrong. In any case, I have good news for the hon. Gentleman: the flow from Scotland to the rest of the UK has ceased and...

As a crass economist, may I ask why there is a shortage of chefs? Could it be that their pay is not enough to attract people from the community in this country to do the job? The rate is held down by the constant flow from abroad.

As a crass economist, may I ask why there is a shortage of chefs? Could it be that their pay is not enough to attract people from the community in this country to do the job? The rate is held down by the constant flow from abroad.