My hon. Friend makes an extremely important point, as indeed has our hon. Friend the Member for Glasgow North East. She points to the consultation deficit that is implicit in the way the referendum has been brought forward.
Nobody seriously doubts that a referendum will inject uncertainty into British economic life, putting at risk our constituents’ jobs and opportunities for higher living standards. The amendment offers the prospect of serious voices from outside the narrow confines of the Conservative party contributing to the debate on whether a referendum might be held and, if so, when and how. They would be calmer voices than those of Conservative Members terrified of losing their seats. When there is increasing talk about the possibility of interest rates rising, it is hard to believe that the Prime Minister is willing to risk such a huge cut in the living standards of the British people—£3,000 a year per household, according to the CBI—simply to try to maintain the fiction of unity over Europe among Conservative Members.
New schedule 2, tabled by my hon. Friend the Member for Glasgow North East, specifically suggests that the CBI should be consulted. I would welcome that, because a dose of realism about the stakes involved in a decision to leave the European Union is sorely needed. Any debate on whether, when and in what circumstances a national referendum should be held should surely be informed by contributions from those recognised as representing some of the major interests and communities in the UK.