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By David Hanson MP / Latest News / 0 Comments

Treasury Questions: European Union

Yesterday, I asked the Exchequer Secretary to the Treasury, Damian Hinds MP, if he agreed with me when we should be listening to the World Trade Organisation who said that the process of negotiating deals outside of Europe would take decades.

This would see confidence hit, currency fall and jobs being lost – 24,000 in Wales alone – and companies such as Hitachi said they would pull out of the UK.

The Minister agreed with me that the turmoil and economic uncertainty, which would result from leaving the EU, would have a significant impact on the UK jobs market.

It is a serious risk that we can avoid if we vote to remain in the European Union on the 23rd June.

EU membership means more jobs, more trade and investment. This is worth more than £3,000 a year to the average Welsh household, almost ten times the £274 that each household pays into the EU budget.

In total Wales receives a net benefit of £838 million per year and would face annual costs of around £320 million if we were to leave. Meaning there are literally a billion reasons for Wales to vote to remain in the EU.