EU Exit Risks Britain's Economic 'Success', Warns Vince Cable

Cable: You Can't Want Growth If You Back An EU Exit
|
Open Image Modal
LONDON, ENGLAND - NOVEMBER 19: Vince Cable, Secretary of State for Business, Innovation and Skills, speaks at the Confederation of British Industry's (CBI) annual conference on November 19, 2012 in London, England. The United Kingdom's business leaders have gathered at The Grosvenor House Hotel for their yearly one day conference. (Photo by Peter Macdiarmid/Getty Images)
Peter Macdiarmid via Getty Images

On the eve of Nick Clegg and Nigel Farage's second debate about Britain's membership of the European Union, Vince Cable has warned that leaving the political bloc could throw the country's economic recovery into jeopardy.

The Lib Dem business secretary wrote in a blog on the Huffington Post UK: "No one can plausibly be in favour of the rebalancing the British economy, boosting exports and supporting sustainable growth while being in favour of leaving the EU.

"Pharmaceuticals, chemicals, aerospace and other cutting-edge manufacturers all rely on the EU single market. It is inconceivable to sacrifice the success of our most successful manufacturers to satisfy knee-jerk isolationism.

Cable warned that UKIP and Tory eurosceptics are "pushing Britain towards the exit door and putting all this at risk".

He added: "The Conservatives are too divided to stand up to the Faragists; Labour are too scared of backing a controversial, though just, cause. It is only the Liberal Democrats who are prepared to make the case for continued British membership of the EU."

Cable's comments come as a report published today by the Society of Motor Manufacturers and Traders (SMMT) found that 92% of respondents wanted to stay in the EU, with 70% believing that an exit would negatively impact on their business.

Cable wrote: "Within the EU, British car companies face no tariffs and can look forward to long-term certainty. Outside the EU, they could face import tariffs, different rules ill suited to the UK industry and considerable uncertainty. Why put the future of this, and other successful industries, at such risk?

"EU membership offers other advantages too. Trade agreements are negotiated with the collective clout of the world's largest economy. We can, of course, negotiate deals alone, but some of the world's largest, most attractive markets are also some of the world's most protectionist; India, for example, has a 100% tariff on cars. We can only prise open those markets to the benefit of our companies and the jobs they support by negotiating collectively and pooling our strength."

Cable's comments come amid mounting debate about Britain's membership of the European Union as David Cameron promised to hold a referendum by 2017.

He told a business conference that Britain would be left "whistling in the wind" in its free trade negotiations if it was no longer part of the European Union.

Speaking alongside the Labour peer, former Tory chancellor Ken Clarke said that countries in the eurozone would not take the "faintest notice of what the British government's position is" if it was outside of the European Union.

A post-debate poll of the audience found that two thirds of those present felt that Britain's future resided in staying part of the European Union, while only a third thought the opposite.

Shadow chancellor Ed Balls warned that "even talking" about "walking away" from the European Union was "anti-jobs and anti business".

See also:

Brexiters
Nigel Farage(01 of09)
Open Image Modal
The Ukip leader and MEP is the most famous 'outer'. After his party took over a 100 council seats in May's local election's Nigel Farage is hoping to win the 2014 European elections and then gain MPs in Westminster in 2015. He has confirmed he will seek a parliamentary seat himself. (credit:PA)
Lord Lawson(02 of09)
Open Image Modal
Margaret Thatcher's former chancellor and a true 'Tory grandee' revealed in The Times that if and when there is a referendum "I shall be voting out". He also stuck the boot into the David Cameron by saying the prime minister's attempts to renegotiate the terms of the UK's relationship with the EU would be "inconsequential". (credit:PA)
Backbench Brexiters(03 of09)
Open Image Modal
There are quite a few Conservative MPs who would like to wave goodbye to Brussels. Ken Clarke has said the figure is as low as 30 despite the strong eurosceptic feeling on the backbenches. However the exact number is not clear. Mid-Bedforshire MP Nadine Dorries, who remains suspended from the Conservative Party, is currently talk tof the eurosceptic town amid rumours she may defect to Ukip. Other backbench Brexiters include Bill Cash, Douglas Carswell, Peter Bone and Philip Davies and former defence minister Sir Gerald Howarth. (credit:PA)
Labour's 'Let's Leave' Lot(04 of09)
Open Image Modal
Most of the anti-EU focus is on the Tory benches. But there are more than a handful of Labour MPs would would like to quit Brussels as well. Eurosceptics include Frank Field, Kate Hoey, Austin Mitchell, and Gisela Stuart.Stuart has argued the status quo is "not sustainable" and Britain should leave. (credit:PA)
Media Moguls(05 of09)
Open Image Modal
Rupert Murdoch has warned that the EU will "sink" the UK. The News International and boss caused a stir when he met Nigel Farage for dinner in London recently and said the Ukip leader was "reflecting opinion" with his anti-EU views.In November 2010 Richard Desmond’s Daily Express became the first UK newspaper actively to call for Britain to leave the EU, launching a ‘Get Britain Out’ campaign (credit:PA)
I'm A Celeb, Get Us Out Of Here(06 of09)
Open Image Modal
Of course no campaign is complete without a bit of star power. The pro-EU camp have Eddie Izzard, who do the Brexiters have?Joan Collins, a 'patron' of Ukip, wants the UK to leave. "The EU, controlled from Brussels, cares only about itself," she said in March. (credit:PA)
The Business Types(07 of09)
Open Image Modal
Most business leaders do indeed seem content with what Lawson called the "warm embrace of the European single market", but there are a few dissenters. Private equity guys Jon Moulton and Edmund Truell are two and Next boss and Tory peer Simon Wolfson has said: "Britain should stay in Europe, but only on the right terms". (credit:PA)
The Commentariat(08 of09)
Open Image Modal
There are a number of loud voices whinnying on the sidelines to say "neigh" to the EU notably Melanie Phillips, Richard Littlejohn, Tom Utley, Simon Heffer.Basically the Daily Mail stable. (credit:PA)
Edging Towards Exit(09 of09)
Open Image Modal
Several high-profile politicians appear to be on the verge of calling for the UK to exit the EU - but just are not there yet.Former defence secretary Liam Fox - pictured here with a big gun - has said "life outside the EU holds no terror" should David Cameron's hopes of negotiating a new treaty fail.Education secretary Michael Gove is said to have told friends the UK has "nothing to be scared of" by leaving Europe.And many other eurosceptic cabinet ministers, including Iain Duncan Smith and Owen Paterson are likely to share that view. (credit:PA)