In this second article from John Redwood’s diary, he reveals how the Bank of England attempts to subvert the Leave campaign with some rhetoric long on verbiage but short of evidence.
“Now I have had chance to read the lengthy Bank of England Report on EU membership I have been struck by the lack of evidence to support its one positive conclusion for staying in the EU. The Bank claims that membership has helped the “dynamism” of the UK economy.
They do so by saying the EU has made the UK a much more open economy . . . [but] their figures show both trade in services and trade in goods increasing more rapidly for the OECD as a whole than for the UK.”
So outside of the EU, trade is growing faster – to quote one of Douglas Carswell’s favourite sayings ‘we are manacled to a corpse’. Mr Redwood concludes;
“It is difficult to argue that the single market increases our dynamism, when it weighs business down with dear energy, complex product rules, high VAT rates, an expensive overarching bureaucracy at EU and national level to implement it all, and a failure to negotiate free trade deals with much of the rest of the world. The EU seems to favour a limited number of large companies in each sector at the expense of challengers and small businesses.”