I totally agree. British car manufacturing is a success story; 80% of what we make is exported, with 50% of it going to Europe—Jaguar Land Rover’s major market is the United States. If the Bill goes ahead and there were to be a referendum whereby Britain came out of the EU, we would lose out not only on our major car market, but on the investment, marketing and manufacturing that would go to other countries.
I wish to discuss one other aspect that has perhaps not had the consideration it deserves. We are engaged in an EU-US free trade negotiating process, which, again, will have profound consequences for the British car industry and, in particular, Jaguar Land Rover. The uncertainty created by a decision to pass this Bill and the prospect of our coming out of the EU is bound to affect the final settlement of those negotiations. It is not possible to believe that the US would be prepared to have one settlement with the EU and another with this country. Only by our membership of the EU are we able to have a united position that will give a potential market for cars for both the US and the EU, with enormous benefit. The potential of such an agreement has been estimated at £4 billion to £10 billion in this country.
I could go on, but I recognise that many other hon. Members wish to speak. The crucial point is that the Bill injects an element of uncertainty into much needed foreign direct investment in key strategic industries in
this country, particularly affecting the west midlands and my constituency. That is why I am not prepared to back the Bill, and I urge others hon. Members to take the same approach.
1.34 pm