I was indeed astonished to hear leading exit campaigners suggest that we do not want to be part of the single market. Until relatively recently, their position was that we could have it all—be outside but somehow get free and privileged access to the single
market. That was never likely to be possible, but it was at least an ambition. Now we are told that we do not want to be part of the single market. I can read that only as a manifesto for the impoverishment of the British people. We know from the Treasury’s own model that we would be looking at a reduction in our standard of living of £4,300 per annum per household by the end of the next decade. As the Prime Minister said yesterday, sometimes we have to deal with recessions and economic pressure from outside, but we should not have to deal with a made-at-home, DIY recession that is entirely self-inflicted. We should avoid that at all costs.
In the spending review and the strategic defence and security review published at the end of last year, we took clear decisions to invest in our security and safeguard our prosperity, to maintain our world class armed forces, to grow our unique security and intelligence agencies—and, through the Investigatory Powers Bill, give them the powers they need to track down terrorists and others who seek to do us harm—and to protect our global diplomatic network by maintaining the budget of the Foreign and Commonwealth Office in real terms. All that is underpinned by our decision to meet the NATO target of spending 2% of GDP on defence, and the UN target of spending 0.7% of gross national income on overseas aid, making Britain the only major country in the world that meets both those commitments.