EU membership costs Britain 500,000 jobs
When you do the maths, the scandalous cost in lost British jobs caused by the terms of our membership of the EU puts europhile scare stories to shame
Previously we looked at the main ways which cause us to lose jobs as a result of belonging to the EU on current membership terms. Now, I want to come up with a prudent estimate of just how many jobs being in the EU costs us.
The main cause of job loss is in manufacturing. Dear energy has led to the closure of petrochemical plants, aluminium smelting, steel and other heavy energy using capacity.
It has meant we do not even produce all our own power, importing some from France via the interconnector. If we had US levels of energy prices on the back of more domestic production of oil, gas and shale gas and German style coal fired power stations, we could have 15 percent more jobs in manufacturing or around 450,000 extra jobs.
We would also have more jobs in energy. That could be around 10 percent more, or 50,000 extra jobs.
Agriculture and fishing has been constrained by quotas and the rules of the CAP and Common Fisheries Policy. Domestic policies could add 10 percent or 30,000 jobs in those sectors.
Adding it up produces a figure in excess of 500,000 more jobs if the UK had more sway over its own industry, energy production and business regulation. There could also be further gains in services, the biggest area in our labour market.
Mr. Redwood's writing is re-posted here by his kind permission. This and other articles are available at johnredwoodsdiary.com
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