EU Membership: Economic Benefits
Debate between Lucy Allan and Tom Tugendhat(8 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Tom Tugendhat
The hon. Gentleman speaks well for his constituency, but the Member who represents Menai may talk about Menai Oysters and Mussels, which sells most of its catch to Europe and would probably wish to stay in the EU. Even in one industry, there is no single answer, and it is worth listening to the debate of the whole House and to all the people of this United Kingdom, rather than just one pressure group. Of course that does not mean that we have to wait to be ready. As I said earlier, we need to get ready.
The change in the stock market over the past few days has shown that Europe affects not only the fishing industry—for the better in some ways and for the worse in others—but investment in our entire island. Today, people are looking at us and wondering what the future holds.
Tom Tugendhat
I wish to make some progress.
People are understandably concerned that the factors that led them to put money into our businesses may not last. The interconnected market, the skills base and the global trading agreements are not as permanent as they once thought; they are not even as permanent as they looked a few days ago. The implications and the consequences for us are very severe. Some have begun to doubt us, but they are wrong. Britain is a powerful and growing economy, and despite the undoubted hiatus that would follow a Brexit, we will recover. Indeed, for the markets, we will once again become a safe haven, but only by comparison with our neighbours. The implication that the Europe Union could disintegrate is worrying.
Let us be under no illusion as to why the option to leave the EU is bad for Britain. It is not, as some have sadly claimed, because Britain is too small. It is not because we cannot survive in a globalised world—it is clear that we are better connected and better integrated with the global economy than many other nations. No, it is because we are the economic leaders of a continent of more than 500 million people who are crying out for that very leadership and the very reforms that we offer.