UK Economy — House of Commons, 2016-06-29
Topic: Mixed Topics
William Arthur Roger Mullin (Scottish National Party, Centre-left): That is a rather sad argument to make. We allowed EU nationals a vote in the Scottish referendum. Thomas and Elke Westen are as much Scots as I am and they have as much right to express their feelings about the country in which they have chosen to live. It is similar to the case of my older brother and sister who had to emigrate because they could not get the opportunities to work in their own land, which has been a big problem for Scotland. The countries in which they have gone to live have welcomed them and allowed them the vote. Excluding these people helped to introduce an element of xenophobia into the way in which the referendum has been conducted. I have great regard for the hon. Gentleman, but on that particular point, I am afraid that I completely disagree with him There are problems for our small and medium-sized enterprises. In my own constituency—I would be interested to hear whether this is shared elsewhere—two types of SMEs have been talking to me. The first group includes those SMEs that export, and their concerns are primarily about access to markets. Earlier, the argument was made that it was good that a falling pound would allow exports to be a little more competitive. In all honesty, I have not heard a single business person making that claim. What I have heard is that the problem will be in assuring exporters that they have access to markets. Without access to markets, the exchange rate is rather immaterial The second type of SMEs has included not exporters but importers. They are particularly concerned about what is happening with the currency level, and what the cost will be of bringing in the types of continental products that we have been so used to benefiting from over the past 20 or 30 years. There are different perspectives on the problem in SMEs that reflect real concerns that we will have to manage in this new situation. The Government will not be able to wait two years until an exit takes place to deal with this matter. They will have to think urgently about the kind of initiative that can be brought in to assist those SMEs that are living in a period of great uncertainty. When they have a period of great uncertainty, what effect will it have on their decision-making? They will not be going to the banks and borrowing for investment at a time when they are uncertain about how they are going to construct their future. My fear is that over time that uncertainty will lead to less and less investment, not merely by the large corporations, but by many of the small businesses at the heart of our communities. Another issue of concern is research funding and academia in society. Many people have said, "Don’t worry. The contracts that have already been struck will not be ended," so our great universities are safe in that regard. However, the universities’ fundamental concern is for the future of European collaboration in research. How will that happen if we have exited the EU? Will British academics have the same access to other academics and to future research projects? That is highly unlikely unless we regain our place in the European Union. What of those students in Scotland and elsewhere who have benefited from travel to continental Europe and those who benefit from the great universities of France, Germany, Italy and elsewhere? What are their prospects? Future generations will be denied the opportunities that others have had over the past 30 years. That can only be a tragedy for our society.