EU Membership: Economic Benefits — House of Commons, 2016-06-15
Topic: Macroeconomics
Wesley Paul William Streeting (Labour, Centre-left): It is a pleasure to follow the hon. Member for Stafford (Jeremy Lefroy) and to return to the topic of my maiden speech barely a year ago, as this country prepares to take what will undoubtedly be the biggest decision of our lifetime, which will determine the direction and destiny of our nation not just in the coming days, weeks, months and years but over the course of this century Global power is shifting from the western economies that dominated the 20th century to the emerging giants of the 21st century. Powers are pivoting away from nation states toward global corporations, and in that context the only question that should be on people’s minds as they cast their vote next week is which route and which choice will deliver prosperity, security and opportunity in a rapidly changing and globalised world Globalisation is an unstoppable process. It brings many possibilities and many opportunities for our constituents and for our country, and it also brings challenges. The question for any Government, whether our Government or Governments around the world, is how to shape globalisation to serve the best interests of their people, how to mitigate its challenges and how to make the most of the possibilities. How on earth can the right answer to those questions be to say, "Stop the world—I want to get off"? Has it not been striking in the course of this debate on the economy that there has been no debate about which is the best route to achieve what I have described Trying to get consensus among economists is like trying to get consensus among Labour MPs or Conservative MPs about the direction of their respective parties—virtually impossible—yet it has been achieved. The overwhelming consensus of our nation’s leading economists is that our country would be more prosperous inside the European Union than outside it. The Trades Union Congress and trade union leaders argue that being in the EU is in the best interests of working people and workers’ rights. Businesses small and large say that they can make the most of the opportunities available to them if we are a member of the European Union Well evidenced claims have been made about the impact of leaving the EU on jobs, investment and opportunities for our workforce, but what has been the response of the leave campaign? It can be summed up in the two words uttered by Nigel Farage last weekend when he was asked about the impact of a fall in sterling: so what? I would love to be in the privileged position of not worrying about what the state of the economy means for the financial security of me and my family or that of my constituents. The truth is that when sterling falls and jobs are lost, it will not be the wealthiest who are hit but the opportunities of the vast majority of people on low and middle incomes. The members of the leave campaign seem to have largely left the Chamber. [Interruption.] They have sailed down the Thames. However, was it not striking that we heard the right hon. Member for Wokingham (John Redwood) reinvent himself as an anti-austerity campaigner? We have also heard the right hon. Member for Surrey Heath (Michael Gove) claiming to be the saviour of the NHS, repeating the untruth that £350 million a week will be saved and invested in the NHS if we leave It is not often that I turn to our former Prime Minister, Sir John Major, for words of wisdom and encouragement about the direction of our national health service, but did he not have it right when he pointed out how preposterous it is to believe that the hon. Member for Uxbridge and South Ruislip (Boris Johnson), the right hon. Member for Surrey Heath and their friends have the best interests of the NHS at heart? Even a former Conservative Prime Minister says that we cannot trust those on the right wing of the Conservative party and their fellow travellers in UKIP with the future of our national health service, so why should we believe them On economic forecasts, there can be no certainty, only analysis and assumption. In picking figures, we should trust the judgment of every leading economic voice, every university leader, the leaders of our trade union movement, the leaders of our businesses, and our leaders from across the political spectrum. They have come together because they believe remaining in the EU to be in our national interest.