10. Short Debate — Postponed from 15 November — Business post-Brexit and the opportunities for Wales

Part of the debate – in the Senedd at 6:10 pm on 22 November 2017.

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Photo of Mr Neil Hamilton Mr Neil Hamilton UKIP 6:10, 22 November 2017

But, project fear is still alive and well in many parts of the country and many industries. All these fears hitherto that have been adumbrated have proved to be utterly false. We're now 18 months beyond the Brexit referendum and the cliff edge that we were supposed to fall off is still there and we haven't fallen over it. Agriculture has some particular problems to face if we don't do a deal with the EU on free trade, but even the NFU has said in the last few weeks,

'There can be no doubt that while Brexit has resulted in one of the biggest challenges to face our industry in generations, we must embrace the opportunity presented to us to further develop and grow our world-class Welsh agricultural industry. The Union firmly believes that we can make a success of Brexit if our collective focus is centred on supporting our industry to meet the challenge of feeding a growing world population with safe, quality, affordable food, alongside maintaining and enhancing our cherished environment and meeting our climate change obligations.'

So, the NFU are embracing the opportunity of Brexit, and I invite the Welsh Government to follow their example. The referendum has happened, we are leaving the EU, we have to get on with the job. Doom and gloom predictions, at this stage, benefit nobody; they only strengthen the arm of the EU in negotiations with the UK Government, which nobody in his right mind in the UK would want.

In the last few days, we've had another interesting reversal of project fear, because Siemens, Europe’s biggest manufacturing industry, which employs 15,000 people in the UK, has reversed its position on Brexit. Only two years ago, Joe Kaeser, the chief executive of Siemens said,

'Brexit would disrupt the economy in the short-term and we believe that uncertainty about the UK's future relationship with the EU could have more significant and negative long-term effects' which

'could make the UK a less attractive place to do business and may become a factor when Siemens is considering future investment here.'

Well, only a few days ago, Siemens announced the cutting of 3,000 jobs in Germany and 1,000 more across Europe and the cutting of 2,000 jobs in the United States, but at the same time they announced a €39 million investment in Britain to expand its largest UK plant, in Lincoln, which employs 1,500 people.

So, it's not all doom and gloom. Far from it. Michael Bloomberg, who's another massive remainer, although an American, also was in London only a few weeks ago to open a new European headquarters for Bloomberg in the City, which is 3.2 acres in size—it's an absolutely massive development.

'We are opening a brand new European headquarters in London—two big, expensive buildings. Would I have done it if I knew they were going to drop out? I’ve had some thoughts that maybe...but...we are going to be very happy.'

He says,

'Whatever London and the UK’s relationship to the EU proves to be, London’s language, timezone, talent, infrastructure and culture all position it to grow as a global capital for years to come. We are very optimistic about London’s future and we are really excited to be a part of it.'

So, although Wales is not big in financial services, the ripple effects of the financial services industry in London will percolate out to the rest of the country.

And obviously, amongst those who were pro Brexit, like Sir James Dyson, you would expect them to be optimistic about the future. He’s a massive manufacturing business who trades worldwide. He is making huge investments not that far from Cardiff—60 miles away, on the Wiltshire-Gloucestershire border—he's investing up to £3 billion in a new technology park to develop electric vehicles, fundamentally, and technology in which Britain leads the world. I just wish that he had moved slightly further west—as I have done, leading the way—to Wales, to put that manufacturing and research facility nearer to Cardiff. He says,

'There's always uncertainty in business, about exchange rates, conditions in markets, natural disasters...I think uncertainty is an opportunity, and the opportunity here is actually that the rest of the world is growing at a far greater rate than Europe, so the opportunity is to export to the rest of the world and to capitalise on that.'