European Union Referendum Bill

Debate between Lord Flight and Lord Stoddart of Swindon

Monday 2nd November 2015 Lords Chamber

[Lord Stoddart of Swindon]

If the European Union did not sign a treaty with us but put restrictions on trade, it would be very much the loser. We are trading with the European Union at the moment on the basis of a deficit of £70 billion a year. Why would Europe not want to trade with us? It traded with us before we joined, when 35% of our exports went to Europe. Why on earth would the European Union wish to stop trading with us? Of course it would not. That is nonsense and I wish people would stop talking about these 3,500,000 jobs which are going to be lost.

[Lord Flight]

I thank the noble Lord for giving way. I suggest to him that this lost confidence is in reality merely a scare campaign by the yes vote. There is no evidence that this country has lost confidence in looking after its own interests. It has emerged as the most successful economy of the past four or five years. It is no more than a scaremongering tactic; it is not true.