Umunna – Rhetoric colliding with reality on leaving the Single Market

Commenting on UBS and HSBC saying they will have to move jobs out of Britain and Toyota saying the competitiveness of its UK operations could be damaged as a result of the Prime Minister’s decision to leave the Single Market and the Customs Union, Chuka Umunna MP, leading supporter of the Open Britain campaign, said:

“The Prime Minister’s rhetoric has collided with the reality that leaving the Single Market will damage some our most important industries.

“From car manufacturers to banks, and from Sunderland to the City of London, it’s clear that the Prime Minister’s pledge to leave the Single Market and Customs Union will hit businesses and cost jobs in Britain.

“Being part of the world’s largest trading market, with no barriers to trade in either goods or services, is vital for our economy. Not even the best free trade agreement can replicate the benefits provided by our membership of the Single Market.

“To reassure business and save jobs in our country, the Prime Minister should think again and commit to seeking membership of the Single Market, or at least to finding a way of replicating those benefits from the outside.”