The north-east of England would be severely harmed, but not only the north-east—it would be the UK and our position in the world, which is the other issue that we need to think about. Are we an outward-looking country that wants to embrace the EU and the rest of the world, or do we want to pull up the drawbridge? Some people want to pull up the drawbridge and to let the world get on and pass us by. Over the next five years one of the major issues for this Parliament will be the Transatlantic Trade and Investment Partnership. It is controversial and could regulate nearly 50% of the world’s GDP. It could lead to better standards for labour, in consumer rights and in trade for, as I say, 50% of GDP in this country.
We would not get that kind of agreement for the UK alone; we can only negotiate something like that if we are part of the EU, part of a marketplace of 500 million people and a union of 28 countries. Yes, we do have to pool some of our sovereignty to achieve better things in this world. We are a member of NATO and could go to war for another country if it is invaded—that is what I call pooling sovereignty. Pooling sovereignty for economic gain is worthwhile if it benefits this country, which I believe that it will.
We are talking about the future of the UK, our future in the world and where we want to be in the globalised economy. We cannot close the door on the rest of the world. We have to remain part of the world, and being part of the EU is vitally important to us. That is why, when the referendum comes, I will be voting yes and campaigning to stay in the European Union.
6.3 pm