Steve Baker
Main Page: Steve Baker (Conservative - Wycombe)Department Debates - View all Steve Baker's debates with the HM Treasury
(8 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Mr Osborne
It is not illogical that if the country votes to leave, we leave the European Union. That is the choice for the people of this country. The only available mechanism is the triggering of article 50, which gives a two-year time limit. Of course, we would try to negotiate in good faith and an extension can be achieved, but only with the consent of 27 other nations. People need to be aware that there are not going to be two referendums. It is decision day on 23 June. People need to choose and I think that voting to remain in the EU is the best outcome for our economic and national security.
Mr Steve Baker (Wycombe) (Con)
Is it not extraordinary that the Chancellor asked the G20 to make that statement, and is it not the case that he made that request so that it could tee up this element of “Project Fear”?
Mr Osborne
The idea that the US Treasury Secretary, the head of the International Monetary Fund and, indeed, the Governor of the Central Bank of China dance to a British tune is, I am afraid, fanciful. Governors of central banks and the Finance Ministers of the G20 are saying the same thing as every major independent economic institution: that a British exit would cause an immediate economic shock and have longer economic costs. I totally understand why many of the people advocating exit want to do so, but, to be frank, they accept that there would be a short-term and potentially long-term economic cost. We should have that on the table, which is why the Treasury is going to produce its analysis.