European Union Referendum Bill — House of Lords, 2015-10-13
Topic: International Affairs
William John Lawrence Wallace (Liberal Democrats, Centre to centre-left): The noble Lord intervenes on NATO. If you go to Washington now, you will discover that they think that NATO is a European organisation, and they argue very strongly that NATO and the European Union should work more closely together, because they see them as parts of the same outfit. There is not a sharp difference between the EU and NATO, and the overwhelming majority of members of NATO are also members of the EU. It is not a contradiction. The two go together; they complement each other The argument has also been made throughout this debate that the EU has changed beyond all recognition since 1975. That is partly because of British initiatives and efforts: Margaret Thatcher’s initiative on the single market; national deregulation and European reregulation, which of course meant different regulations as we negotiated some of them, but not an overall increase in regulation; and eastern enlargement, which Margaret Thatcher pushed for, with the unintended effect that of course when Poland came in, as she wanted it to, a large number of Poles decided that they wanted to move here, which was one of the interesting unintended consequences The world has also changed enormously since 1975. We are in a different global economy; the national companies that used to exist have become multinational; we have integrated production models in which every Airbus sold by the French has over 30% of British parts in it, and every car built in Britain and Germany has parts from other countries throughout Europe; and similarly, we have cross-border financial services, legal services and the like Britain has also changed. The noble Viscount, Lord Ridley, said, powerfully, "We want our independence back". I would like to have back our regional economies. I spent much of my life in the north of England; in Yorkshire you used to have textile mills and building societies. He is from the north-east; we had ICI and Northern Rock. He will remember Northern Rock—it was quite a good building society in his time and did quite a lot for the regional economy. However, these things have all changed. Now Nissan keeps the north-eastern economy going, and I much regret that we no longer have regional banks. The bank that my father used to work for, Barclays, which used to do a lot of useful regional investment, has just chosen an American investment banker as its chief executive. That is rather different from the sort of national economy in which I grew up Therefore, we all have to adjust to a global world in which independence and sovereignty have gone. After all, sovereignty goes most easily with protection. Free trade requires international co-operation. Globalisation means global regulation, or regulation by the world’s leading economy, which so far, of course, has been the United States. If we wish to co-operate with others in managing a global economy, we should surely start by co-operating most closely with our neighbours, and if we cannot do that, we should not hold to the illusion that we would find the Chinese, the Russians, the Saudis and the Indians easier partners than the French or the Germans.