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Lord Livermore (Lab)

Speaking in the House of Lords on 1 June 2026

Debate

Middle East: Economic Response

Contribution

It really does take a Brexit zealot to say that. Cutting tariffs may gain us 0.001% of GDP whereas Brexit itself has cost us a minimum of 4% of GDP, although estimates now say that it ranges from 6% to 8%. We are seeking to mitigate at the margins the huge damage done to the UK economy by Brexit, so the idea that this is some kind of Brexit benefit is absurd. Should we in due course re-enter the European Union? My personal view is that that is an inevitability: of course the UK will at one point re-enter the EU because that is absolutely in our national economic interest. In the meantime we are doing the European reset, and that is incredibly important in helping growth in our economy.

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