McFadden - “Labour needs to be honest” over Brexit costs

Jeremy Corbyn has today (Monday) made a speech on Labour’s policy on Europe.

Commenting, Pat McFadden MP, leading supporter of the Open Britain campaign, said:

Labour’s commitment to a Customs Union with the EU is both welcome and long overdue.  Staying in the Customs Union will help industry and the economy, reduce the pressure on companies to relocate overseas and go some way to avoiding a hard border between Northern Ireland and the Republic of Ireland.  All of this is vital at a time when some are recklessly attacking the Good Friday Agreement and being prepared to set it aside in pursuit of their Brexit goals.

“However Labour needs to be honest with itself and honest with the electorate about this concept of a Brexit public spending dividend which we have heard plenty of times from Boris Johnson and the leading Brexiters.  

“The Government’s own economic assessments leaked a couple of weeks ago show Brexit to be a drag anchor on growth even after a reduction in payments to the EU is taken into account because the economic damage of leaving outweighs any budgetary gain.  If we really want to put jobs and the economy first we need to understand that.

“Nor should we allow our position on the Single Market to be shaped by the view that it doesn’t allow state intervention.  That is not the case. This old Lexit tune fails to recognise the widespread state ownership of industry and the high welfare economies that exist inside the Single Market and inside the current EU.”