EU Membership Referendum: Impact on the UK
Debate between Ben Coleman and Mike Wood(1 week, 1 day ago)
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Mike Wood (Kingswinford and South Staffordshire) (Con)
More than seven in 10 voters in my constituency voted to leave. That was not an accident, it was not confusion, and it was not because they were lied to.
Having spent seven happy years working in the European Parliament, I was not unfamiliar with the EU’s strengths, as well as its faults, but if there was one thing that caused me some hesitation before I decided to campaign for leave, it was knowing that it would be a huge undertaking. Unpicking 50 years of legislation and regulation would clearly be disruptive for many businesses, including many in my constituency, and would use up a lot of Government time for at least a decade. Of course, a global pandemic, a once-in-a-generation energy crisis and the shockwaves of war in Europe have added to the disruption. But to attribute every headwind to Brexit, as some Members have done, may be politically convenient, but it is economically simplistic.
Some Members have spoken about a £90 billion hit. The reality is that, since Brexit, UK GDP has grown at about the same rate as Italy’s, and above that of France and Germany.
Mike Wood
No, I only have five minutes.
For that £90 billion to be credible, one would have to imagine that we would have vastly exceeded the growth of every large European country if only we had stuck to what we were already doing, closer to the framework that those countries with lower growth are still in.