Taking action against the illegal Israeli settlements on the West Bank is a deeply complex decision, with enormous economic, diplomatic and moral implications.

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Let me start tonight by listing some of what it means. From the White House and Israel, fury and economic threats, many of which may be carried through.

It means a greater likelihood of the United States decisively siding with Argentina over the Falkland Islands, which, as a result, we might lose.

It means individual British companies, whether trading with Israel or the US, facing new sanctions or even full bans. None of that is good for what the government says is its number one priority, economic........

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