European Union: Single Market

Lord Pearson of Rannoch Excerpts

Thursday 17th March 2016 Lords Chamber

Asked by

[Lord Pearson of Rannoch]

To ask Her Majesty’s Government what assessment they have made of the Civitas publication, Myth and Paradox of the Single Market: How the trade benefits of EU Membership have been mis-sold, and what discussions they have had with the Governor of the Bank of England about that report.

[Lord Ashton of Hyde (Con)]

My Lords, in order to inform policy-making, the Government review and note the wider evidence, including the Civitas publication, on an ongoing basis. The UK will be better off in a reformed Europe because British businesses will have full participation in the free trade single market, bringing jobs, investment, lower prices and financial security. The Government’s new settlement confirms that there will be a new focus on further extending the single market.

[Lord Pearson of Rannoch (UKIP)]

I regret that the Government are so dismissive of this ground-breaking report, which shows that four smaller non-EU countries —Chile, Korea, Singapore and Switzerland—have been able to make vastly more free trade deals than has the EU, with its pretended clout, on our behalf. Can the Government tell us why, as the world’s fifth largest economy, we could not do as well or better if we left the EU? Secondly, do the Government accept that the single market would want to continue its free trade with us, because we are its largest client?

[Noble Lords]

Oh!

[Lord Pearson of Rannoch]

That is a fact, my Lords. Would Brexit be not so much a leap in the dark for our overseas trade as a leap into the light?