On Wednesday the House of Commons debated an Opposition motion on the economy and the EU.
Britain is a proud trading nation and the EU, taken as a whole, is the UK’s major trading partner, accounting for 44% of exports and 53% of imports of goods and services last year. The EU is a major source of inward investment into the UK. In 2014, EU countries accounted for £496 billion of the stock of inward Foreign Direct Investment, 48% of the total.
The motion which noted the framework the EU provides for trade, manufacturing, employment rights and cooperation and the billions of pounds-worth of investment and millions of jobs linked to the UK’s membership of the EU, which is the biggest market in the world.
Here in the North East remaining members of the EU is important for our regional economy:
Creates jobs and growth:
The EU single market helps North East businesses to trade and grow, allowing North East businesses to reach 500 million potential customers. If we left the EU growth could be at risk and businesses such as Hitachi and Nissan have said they would have to rethink their investment plans. Up to 160,000 jobs in the region rely on trade with the EU.
Invests in our region
The EU invests million in major projects across the North East. Pound for pound we get more back from the EU in regional funding than we pay in – for every £1 we put it we get £10 back. Lots of projects rely on EU funding such as business and industrial sites and coastal regeneration.
Protecting our rights
Remaining members of the EU will protect your rights at work including paid holidays and maternity leave and protects consumers with cheaper flights and mobile phone bills.