Sir Bernard Jenkin

Listening to this debate is amusing, but rather depressing in other ways. There is a heartfelt hope among a great many people here that rejoining the EU would somehow be transformative for the British economy, which they think has done much worse as a result of being outside the EU. [Interruption.] That is the thesis, isn’t it? Let’s look at the facts. The UK economy has outgrown France and Germany since we left the EU in 2021. In fact, some of our economic growth is a direct result of leaving the EU. We have not over-regulated our tech sector in the way that the EU has, so we are getting the lion’s share of inward investment and far greater gross value added in that sector than France or Germany. Interestingly, the tech sector has been excluded from the EU reset talks. Before covid, the City of London employed some 500,000 people. Today, over 680,000 people are employed in the City. The financial services sector is booming outside the EU because we have scrapped MiFID II, the bonus cap and regulations on derivatives trading, and all the people who left because of the fear campaign are coming back. What is the basis for saying the EU has damaged our economy except for these two forecasts, which are conjectural projections and not things that have happened? They are not facts. They are quoted by the OBR and the Treasury and the Prime Minister believes them, and I am sure there is sincere belief in those figures across Westminster Hall today, but they are not facts. The only facts are that the UK economy has grown by 7.9% over that period, while France’s economy has grown by 6.8% and Germany’s economy has grown by only 1.1%. I was not aware that Germany or France had left the EU and that their economies had been damaged by their leaving, but that is the basis on which we are being told that we have damaged our economy.