Mike Wood

If we chart it over the last two decades, particularly against German performance, on almost any economic chart we look at, it would be almost impossible to pick out the point at which the UK left the European Union. It is impossible to say from looking at those charts that our economy has grown more slowly than Germany’s, because it has not; it has grown more quickly. Our trade has not been disrupted more than Germany’s—[Interruption.] It really has not; they track almost identically across that chart. Thirdly, where Britain is succeeding, we are doing so precisely because of our post-Brexit freedoms. The UK digital and tech flat white economy now represents about 15% of GDP—larger than the entire domestic goods sector. As the Growth Commission highlighted, our tech sector is flourishing and leading Europe in artificial intelligence, precisely because it is unburdened by Brussels’ heavy-handed Digital Markets Act, Digital Services Act and restrictive AI Act. Instead of backing British enterprise, the Government are proposing to pursue unilateral dynamic alignment, shackling the 92% of British firms that do not trade with the EU to Brussels’s rulebook, surrendering our precision breeding advantages and hiking domestic carbon costs by linking our emissions trading scheme, which threaten to add up to £100 per tonne to fertiliser prices at a time when they are already crippling British farmers, while paying administrative fees to Brussels for the privilege. That is an astonishingly one-sided bargain, a masterclass in the art of the bad deal. The lesson of the past 10 years is that national prosperity is built by businesses working across the UK, not subcontracted to the EU. The economic catastrophe prophesied in 2016 simply did not occur.