Umunna – Tenreyro speech shows need to commit to Single Market and Customs Union

Silvana Tenreyro of the Bank of England’s Monetary Policy Committee has tonight made a speech in which she compared the UK’s poor productivity growth to other major economies and said: “Why is the UK the odd one out? The likely culprit is the uncertainty regarding future EU trading relations, which many have argued, and I agree, is keeping the levels of domestic and foreign investment in the country relatively low in relation to what one would expect at this stage of the global cycle. We will have to live with some of that uncertainty for some time. And, understandably, firms will postpone some of the investments and structural changes needed to increase productivity.” 

Commenting, Chuka Umunna MP, a leading supporter of the Open Britain campaign, said:

"A commitment to stay in the Single Market and Customs Union would give investors the certainty they need to seriously commit to the skills and technologies that will drive productivity forward. That is why the government's plan to take Britain out of both remains a plan to export jobs and import decline."