EU Membership: Economic Benefits
Debate between Ian Blackford and Nick Clegg(8 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Clegg
Dare I say it, but even by the fairly specious standard of the statistics bandied about by both sides in this campaign, the way the right hon. Gentleman used statistics was spectacularly misleading. From listening to the Brexit campaign, people would think that the club we have been a member of for 43 years has been the fount of all misery. How come we are still an independent, free and broadly speaking prosperous nation if we have been a member of it for over four decades? I simply think that that applies to his example.
Mr Clegg
If I may finish this point, I will then give way.
The only way in which that current account deficit is sustainable is if strangers from elsewhere in the world invest in assets in this country—in property, infrastructure, the financial services sector, factories and companies. It is on those investors, and on the kindness of those strangers, as Mark Carney has said, that the sustainability of the ballooning current account deficit relies. What will those strangers think after next Thursday, when they do not even know whether our country will survive at all? The United Kingdom may not persist because Scotland may trigger a second referendum, and see the United Kingdom fall.
Mr Clegg
May I just finish this point?
What will those strangers say as they see year after year of grinding political, constitutional and economic uncertainty? Why would they continue to invest in UK plc? And if they suddenly pull out their money, I tell you what will happen: the pound will plummet; inflation and prices for ordinary people will go up; and we will be caught in an economic whirlwind that, irresponsibly, these people want to inflict on millions of our citizens. It is a scandalous position to take.
Ian Blackford
The right hon. Gentleman is making some very powerful points. May I remind the House that we are still living with the consequences of the financial crisis in 2007 and 2008? We have the answer to the question he is asking: the stock market has fallen by £80 billion in the past few days as investors recognise the risk to this country if we have a Brexit vote next week. That is the start of the tsunami that he is talking about. Why would we risk the prosperity of the United Kingdom and, indeed, of Europe by taking such a rash action?