EU Membership: Economic Benefits

Nick Thomas-Symonds Excerpts

Wednesday 15th June 2016 Commons Chamber

[Phil Wilson]

My hon. Friend is right. Hitachi has come to the north-east of England for two reasons: it has an excellent workforce and is the gateway to Europe. We know that its business model for that investment— £82 million in Newton Aycliffe in my constituency—was predicated on the fact that we are part of the EU. Those who support the leave campaign say that we should not worry about losing the £800 million that we would get from the EU because they will find the money themselves.

[Nick Thomas-Symonds (Torfaen) (Lab)]

My constituency, like that of my hon. Friend, benefits tremendously from European social fund money. Does he agree that it is not credible for the leave campaign simply to say one day, “We will replace that money,” without any sense of where it will get it from?

[Phil Wilson]

My hon. Friend makes a good point, which I shall expand on during my speech.

The leave campaign says that it will pick up the tab after 23 June if we vote to come out of the EU. I say to the people in the north-east, “Don’t listen to those people. They can’t do it. It’s the biggest con ever.” First of all, they are not the Government. Secondly, they have already committed to spending the money that we contribute to the EU many times over. Thirdly, the people making those comments are Conservative politicians who for years said that there was no money available, but they have now suddenly discovered a magic money tree. Like all things to do with magic, it is an illusion. Don’t fall for it. It is what it is—an illusion.

The leave campaign is spraying spending commitments around as if there were no tomorrow. Perhaps if we leave the EU, there will be no tomorrow. The campaign’s analysis shows the figures involved. It has committed to building more hospitals, providing more school places, and more spending on science, regional airports, improving railways, more housing, more this, more that, and the list goes on and on. The cost is over £100 billion— £100 billion it does not have. So now we know: as of today, we can honestly say that the campaigners who want to leave the EU are perpetrating the biggest con trick ever on the north-east. I say to the people of the north-east, “Don’t be conned by the leave campaign’s fantasy economics.”

I must admit that I fear for the future of our region, where I have lived all my life, if we do leave the EU. Over 50% of the north-east’s trade is with Europe, and that provides more than 100,000 jobs. Those two facts alone should make people think twice about leaving. If they do think twice, and if uncertainty sets in, they should vote to remain. They should not be conned into believing that a land of milk and honey awaits us on 24 June, the day after the referendum, because it does not.

I want to say this to the people of the north-east, “Do you really believe that the people who want to leave, such as the right hon. Member for Chingford and Woodford Green (Mr Duncan Smith), who gave us the bedroom tax and food banks, and the Lord Chancellor and Secretary of State for Justice, who said that the NHS needs to be dismantled, have the best interests of the north-east, and especially Labour voters, at heart?” I do not believe they do. They are very well off, and they will remain well off whether we vote to remain or to leave. I say to the people of the north-east: don’t be conned—vote to remain.