I am afraid that I do not, no. What I do know about the Labour Government is that when they were considering whether to join the euro, they
carried out a thorough assessment. In the case of this proposed referendum, we need to have a thorough assessment of what the alternatives would be.
Many people assume that we can continue to enjoy the benefits of free trade with our European partners by being in the EEA. That, of course, is the economic option with the least pain. But as my noble friend Lord Kinnock said when he talked about sovereignty, although being in the EEA might involve a minimum of economic pain, it would certainly involve a huge loss of British sovereignty. Whereas now we have a say on every EU regulation that applies to us, in future, as members of the EEA, we would simply have to accept every regulation decided in Brussels, and we would have to make a budgetary contribution as well. Being in the EEA would mean a massive loss of sovereignty for Britain. We may no longer be in the European Union but, in my view, we would also no longer be Great Britain, a sovereign nation able to exercise some say over its future.
As for the alternative at the other end of the spectrum, relying on our WTO membership and trying to negotiate free trade agreements, noble Lords have already pointed out some of the problems. We would immediately be withdrawing ourselves from free trade agreements that the EU has with other countries, and the whole future of agriculture would be put into grave uncertainty. The car industry is perhaps the best example of what noble Lords on the other side have to address. The car industry is probably the most outstanding example of the manufacturing renaissance that we have seen in Britain.
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