The former Foreign Secretary will argue that they are a "showcase of success"—but that Brexit would threaten themby Alex Dean / June 3, 2016 / Leave a comment
Britain has the fastest-growing financial services sector in the world, but a vote to leave the European Union on 23rd June would put that at risk, David Miliband is to claim.
The former Labour Foreign Secretary has also said that “Investment is encouraged, enhanced and emboldened by the UK’s membership of the European Union.”
He will make the comments during a tour of HSBC’s new development in Birmingham. The bank previously warned that it could shift jobs to Paris if the UK leaves the EU.
Miliband will argue that our EU membership has made us the third most sought-after country in the world for investment, and that it is creating ten new British jobs an hour.
But while our financial services are a “showcase of success”—the sector having created 50,000 jobs in Birmingham—they will be under threat if Britain leaves the EU, he will say.
Miliband, who ran unsuccessfully against his brother Ed in Labour’s 2010 leadership contest, has intervened little in the EU debate since the start of April, when he claimed that a vote to leave on 23rd June would be an act of “unilateral political disarmament.” But today he will emphasise the importance of foreign investment to the UK and the significance of the UK’s membership of the EU in making this happen.
The President and CEO of International Rescue Committee, based in New York, said in advance of his visit today: “The UK is a fantastic place to invest. Our success at attracting investment from around the world is boosting growth and creating jobs.”
He also claimed that “The EU, as the world’s largest single market, offers the chances to protect citizens from the risk of market excess, including in the financial sector.”
“International investment is testimony to the importance of foreign investment. It’s clear that investment is encouraged, enhanced and emboldened by the UK’s membership of the European Union.”
Miliband’s comments will come after an OECD report, published yesterday, warned that Brexit would have a “substantial” impact on the British economy. The “Leave” camp has been quick to dismiss this, and the Chairman of the Vote Leave business council John Longworth yesterday responded to the report: “Instead of listening to partisan advisory bodies, let’s look at what businesses are actually telling us: that the costly red tape and regulations emanating from Brussels are constraining their ability to innovate and create jobs.”
Miliband will hope his comments do not fall on deaf ears—a recent Ipsos mori poll showed that two thirds of the British public do not forsee any impact on their personal finances if Britain leaves the EU.
He summed up his thoughts: “That’s why Labour is campaigning to stay in the EU; to keep Britain’s world-leading position in attracting international investment, to protect our economy and to protect the prosperity of British families.”