John Baron MP questions Treasury Minister over EU report

May 24, 2016

MP says ‘Project Fear’ has reached new lows

Today the Chancellor of the Exchequer launched a report forecasting a vote to leave the EU would not be in the economy’s best interests. The Financial Secretary to the Treasury, David Gauke MP, responded to an Urgent Question on the report on behalf of the Government.

John asked,

“I suggest ‘Project Fear’ has reached new lows. Following predictions of World War, we now have a recession forecast as deep as the Great Depression should we leave the EU. Does the Minister at least accept that the last time the Treasury forecast an economic shock was when we left the ERM, and that the Treasury, IMF, OECD and Bank of England all failed to see the last recession coming?”

The Minister replied that the Treasury had kept the UK out of the Euro.

John said afterwards,

“This anti-Brexit report should be taken with a large pinch of salt. Economic forecasts are notoriously unreliable, and are subject to major revisions every few months. These figures are no different.”

“Leaving the EU would be beneficial for the economy, as decreased regulation and increased international trade take hold, as well as by halting the £19 billion annual payments we currently send to Brussels.”

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