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04 NEWS WEDNESDAY 8 JUNE 2016 EU REFERENDUM FOR MORE ON THE IN OR OUT DEBATE GO TO CITYAM.COM Osborne: Huge outflows will trail Brexit vote MARK SANDS @mksands A DRAMATIC surge of money leaving the UK or being converted into other currency is “a taste of things to come” if Britain votes for Brexit, chancellor George Osborne has said. According to Sky News, Bank of England figures show £65bn of capital left British assets in March and April. In March alone, the outflow was £59bn, equivalent to £1.3m every minute of the month. By contrast, £2bn left for the six months to the end of October 2015. Osborne said: “Financial markets are telling us what all the evidence shows: that Britain will be permanently poorer if we vote to leave the EU and the single market. “There will be less investment in Britain and that means fewer jobs and lower living standards. If we vote to leave, what we are seeing now is just a taste of things to come.” Brexit campaigner John Redwood called the chancellor’s comments “alarmist rhetoric”. “Any serious economist will tell you that the pound is up against the dollar since February, and the UK’s foreign exchange reserves have increased this year. “We are the fifth largest economy in the world, and will fare perfectly well outside of the EU – as the Prime Minister himself acknowledged,” he said. It comes after the pound was boosted by stronger polls for Remain. Following dramatic falls earlier this week, the pound climbed by more than one per cent against the US dollar to stand at $1.4592 yesterday. It came partly in response to a new ORB poll, which put Remain in the lead, with 52 per cent to 40 per cent. However, among those certain to vote, the lead was just one per cent at 48 per cent to 47 per cent. Brexit would hamper trade relations, says WTO director general Roberto Azevedo WTO chief warns vote to leave would hurt British exporters CAITLÍN MORRISON @citycait A VOTE to leave the EU will cause British exporters to suffer, the director general of the World Trade Organisation (WTO) has warned. “While trade would continue, it could be on worse terms,” said WTO chief Roberto Azevedo. “Most likely, it would cost more for the UK to trade with the same markets – therefore damaging the competitiveness of UK companies.” Azevedo said exporters would risk having to pay up to £5.6bn each year in duty on their exports. “Key aspects of the EU’s terms of trade could not simply be cut and pasted for the UK,” he added. CITYAM.COM Business lobby: Firms must get workers to polls JOSH MARTIN @JoshMartinNZ BRITAIN’S biggest business lobby group the CBI is urging 190,000 companies to let its employees work flexibly on 23 June to enable them to vote in the EU referendum. Carolyn Fairbairn, CBI directorgeneral, said that the referendum will be the “biggest decision that most of us will get to vote on in our lifetimes”. Fairbairn said that firms should ensure their employees get time to vote on the day of the EU poll. She said: “Firms have an important role to play: where possible, they should do what they can to help their staff have the time to cast their vote. “That might mean showing greater flexibility on when they expect employees to arrive at work and leave for the day, or perhaps see how shift patterns can be adjusted as a one-off.” Brexit group Vote Leave dismissed the CBI’s move as a “desperate” effort. A spokesperson told City A.M.: “The move shows desperation of the CBI and its Brussels cronies to try and get people to vote remain.” Power Monkeys Last minute satire starring Jack Dee Starts tonight 10pm Channel 4 is paid for by advertising and owned by you. Profits go back into delivering our public service remit, including programmes from British producers. channel4.com/about
CITYAM.COM WEDNESDAY 8 JUNE 2016 NEWS 05 EU REFERENDUM The TaxPayers’ Alliance: The EU has undoubtedly wasted public funding MARK SANDS @mksands THE EUROPEAN Union has “no doubt” wasted taxpayers’ money, according to the chairman of a lowtax lobbying group. The TaxPayers’ Alliance (TPA) has cited a raft of EU programmes it argues have seen taxpayers lose out. Andrew Allum, chairman of the TaxPayers’ Alliance, said: “In reviewing our analysis over the past eight years, there is no doubt that the EU has wasted British taxpayers’ money over time, whether it be the burdens imposed by the Common Agricultural Policy, the burgeoning EU quangocracy or the grants we exposed going to TV production companies.” Allum’s comments come as the TPA publishes a compendium of all its research on the EU published between 2008 and 2015 ahead of this month’s referendum. TPA chief executive Jonathan Isaby said: “The question we now have to answer as a nation is whether the costs of EU membership are outweighed by the benefits.” It comes after the TaxPayers’ Alliance this week raised concerns over the number of individuals who sit as board-members on more than one quango in the UK. Prime Minister David Cameron has lashed out at Vote Leave for “peddling nonsense” Brexiteers say Cameron is in a panic over vote MARK SANDS @mksands BREXIT campaigners claim the Prime Minister is “in a blind panic” after David Cameron used a hastily arranged press conference to attack the Leave campaign for “peddling nonsense”. Cameron’s press conference yesterday was announced less than two hours ahead of time, and saw him slam Brexiteers for “telling untruths” to the public on the final day for voter registration ahead of the EU referendum. However, Ukip’s only MP, Douglas Carswell, said the comments showed the Remain campaign “in a blind panic” as polls continue to show the race tightening. “David Cameron’s renegotiation was a failure – no one believes he got a deal worth the paper it was written on. Now people are rejecting his campaign of fear. “The Prime Minister says we need a proper debate about the facts but he is too chicken to take on anyone from the Vote Leave campaign head-tohead,” Carswell said. Former London mayor Boris Johnson and justice secretary Michael Gove also called on Cameron to debate directly with Vote Leave, the official Brexit campaign, yesterday. “We think that the public deserve the chance to hear these issues debated face-to-face between the Prime Minister and a spokesman for Vote Leave so they can judge for themselves which is the safer choice on 23 June,” Johnson and Gove said. The jibes came after the Prime Minister launched a withering attack on Leave campaigners, rubbishing six claims from the Brexit camp, including the UK’s liability for Eurozone bailouts. However, he refused to say if the alleged errors should see Leave-campaigners excluded from serving in his cabinet. “The points that they are making are to do with EU policy and most of the leaders of the Leave campaign haven’t been as involved in it as I have,” he said. “It’s not for me to say why they have made those factual errors and mistakes, but it's for me to call it out.” Out campaign: European court ruling heightens migration risk MARK SANDS @mksands THE RISK of illegal immigration has been heightened by a new European Court of Justice ruling, Leave campaigners said yesterday. The ECJ ruled yesterday that EU member-states within the Schengen area cannot imprison illegal immigrants without first giving up to 30 days for voluntary return. Although Britain is not part of Schengen, justice minister Dominic Raab said that the decision would heighten the dangers for Britain. “The ruling increases the risk that illegal immigrants will be able to enter the UK, because it weakens the ability of other EU governments to put in place proper checks,” he said. Labour MP Emma Reynolds responded: “Leaving the EU will make it harder to work with other countries to keep our border secure. That’s why law enforcement profess - ionals say we will be safer in Europe than out on our own.” Volatility ahead? Take advantage of our tight spreads on forex and commodities The EU referendum, US interest rates and unpredictable oil prices may all cause volatility in the markets. Whichever direction you think the markets are moving in, our tight spreads could help you make the most of any trading opportunities. Switch today at cmcmarkets.co.uk Spread betting | CFDs | FX | Binaries Spread betting and CFD trading can result in losses that exceed your deposits. All trading involves risk.
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