I have been sounding the alarm for the car industry for some time. Of course, its challenges are not just about Brexit, but Brexit has made things worse. Many of my constituents have lost their jobs. The claimant count has shot up on my council estate, and, given the lag in statistics, I fear that things will only get worse. Unemployment is now at 7.4% compared with the national average of 2.3%.
As 29 March approaches, it is paramount that we leave the EU with a deal—I have voted for the Prime Minister’s deal. Leaving without a deal would be catastrophic. This is not project fear; this is reality. These are real people’s lives that I am talking about. On Tuesday evening, I co-chaired a meeting with my friend the hon. Member for Birmingham, Erdington (Jack Dromey) of a wide range of organisations: Jaguar Land Rover, Ford, Airbus, Siemens, the CBI, the EEF, the NFU, the British Ceramic Confederation, the Association of British Insurers and so on. The damage of continued uncertainty and the lingering prospect of no deal was made perfectly clear. A total of 80% of CBI members have stopped investing in their businesses. The political uncertainty has damaged the UK’s credibility as a safe place for investment. One of the large US investors now describes the UK as the “problem child” of Europe. Against that backdrop, companies of all sizes are finding it increasingly difficult to justify doing business here.
When I was growing up, this country was often described as the “sick man of Europe”, and I really do not want us to become that again. Manufacturers are now spending tens of millions on no-deal preparations, as we heard earlier. It is extraordinary to think that they hope that that money will be wasted.
The manufacturing industry is not in decline. It accounts for 10% of the UK’s economic output. The UK is the ninth biggest manufacturer in the world, and manufacturing is not an industry that this country can afford to lose; it employs thousands of people and it pays well. However, for this success to continue, companies need to be certain that the UK is a reliable place to invest in and commit to. Unfortunately, as indicated by Ford’s recent announcements, this is now in doubt.