European Union (Amendment) Bill

I do not think that the industry and companies chosen by the hon. Gentleman are a terribly good example. They are very important to our economy and that of the US, but that industry and both those companies are heavily subsidised, either directly by the taxpayer or, in the case of Boeing, indirectly—it is alleged—through defence contracts and so forth. Governments are already heavily involved in those companies because of direct or indirect subsidies, so they are not a terribly good example of competitive businesses. Before I came to the House, I worked for an American multinational that competed and had manufacturing operations across the world, including some in Europe. I know some of the realities of business and how it is conducted around the world. I am keen for British companies, those based in Britain employing British workers, and companies owned by British people, to be successful globally. That is one of my concerns. My right hon. Friend cited the EU's own estimate of the cost of regulation compared with the cost of the single market. I just caution Members on both sides to remember that however important the single market is today, it will become relatively less important for British companies as we go forward, simply because of the fast growth around the world. The hon. Member for Wolverhampton, South-West (Rob Marris) made the point that some of the countries currently competing on the basis of cheap labour costs, such as India and China, are rapidly industrialising and want to compete at a higher level of added value. They are looking at design and moving up the food chain, as it were. We have to make sure that we sell to them, and they will be good competitors. That is my concern about giving the EU exclusive competence in this area. There is a role for a British Government, still able to legislate in this area, to be moving faster and to be a good example of moving things forward. One of the tragedies of the EU is that the Government have not been successful, with others, in moving that agenda forward.