EU Membership: Economic Benefits

Debate between Lord Hammond of Runnymede and Simon Hoare

Wednesday 15th June 2016 Commons Chamber

[Mr Hammond]

I absolutely agree with my hon. Friend. It is a risk we do not need to take, and it is a risk that it would be absurd to take. I just cannot believe that after all the grief and pain we have been through in this country to rebuild our economy following the disaster of 2008-09 we are seriously thinking about going back there. That astonishes me.

Economic experts have judged overwhelmingly from the evidence that Britain’s economy will be stronger and more resilient if we remain in the EU. The G7 Finance Ministers, nine out of 10 economists, and independent organisations such as the IMF, the World Bank, the Institute for Fiscal Studies and the World Trade Organisation have expressed the view that the UK will be better off inside the EU.

And not just economists but more than 200 entrepreneurs —founders of household names such as Skype, lastminute.com and innocent drinks—agree. Rarely, if ever, can an issue have united the opinions of everyone from global institutions, through trade unions, to British businesses, large and small. The overwhelming weight of economic and business opinion is clear: Britain is better off in.

[Simon Hoare (North Dorset) (Con)]

Will my right hon. Friend nail from the Dispatch Box the canard that some on the exit side are peddling—that this is just a vehicle for another round of never-ending renegotiations? This is a serious, one-off decision. We will abide by the decision, and it has to be right for the future of our country.

[Mr Hammond]

My hon. Friend is absolutely right, and I am happy to repeat what he says, as the Prime Minister did earlier. The British people will have their say; they will make their decision, and we will implement it. I do not believe that our 27 partners in the EU would say, “Oh, fine, let’s go through all this again,” even if we wanted to. This has to be the deciding point. It is make your mind up time. People have to look at the options bus: a future they know and can predict, with Britain in the European Union—a Britain that has created 2.5 million jobs over the last six years, and a Britain with a growth rate that has outstripped that of every other country in the European Union—or a leap in the dark.

Libya

Debate between Lord Hammond of Runnymede and Simon Hoare

Tuesday 19th April 2016 Commons Chamber

[Mr Hammond]

I thought that the hon. Gentleman was all in favour of the EU doing more. We are very clear. NATO is our principal war-fighting alliance, but we are not talking about war fighting here. We are talking about stabilisation, training and rebuilding, and the European Union and bilateral arrangements delivered by other European countries are absolutely the right way to go about achieving that. It is not a role of NATO.

[Simon Hoare (North Dorset) (Con)]

My right hon. Friend and the whole House will recognise that a peaceful, stable and prosperous Libya is in the interests of the region and of Europe. Can my right hon. Friend flesh out for the House the timetable envisioned for EU discussions to continue and conclude, working closely with the Libyan Government to ensure a positive and proactive response?

[Mr Hammond]

That is a good question, but the timetable will have to be determined by what is happening on the Libyan side. At the discussion last night, we were clear that we needed to work up a European Union package. There was mention of Turkey earlier, and the way in which the EU has dealt with Turkey on migration has not escaped the Libyans’ notice, so there will need to be a comprehensive proposal. As soon as it is appropriate to make the Libyan Government aware of what such a package might look like, the ball will then be in their court to decide whether they wish to request support.