Oireachtas Joint and Select Committees

Tuesday, 12 May 2015

Joint Oireachtas Committee on Jobs, Enterprise and Innovation

All-Island Economy: Discussion

1:30 pm

Mr. Michael Burke:

I will take that question because I live in London and we see the effect sometimes in politics of the ability of people to whip up all sorts of nonsense about foreigners and so on. Apparently, I am now to understand that Scots are foreigners. I do not believe that Britain will leave the EU for the very good reasons that the overwhelming majority of big business does not want that to happen and the overall majority of big business in the US does not want it to happen because of the close links that exist, which is an important factor. However, after last Thursday's events, I would never say "never" to anything and it could happen. That would be a divisive change in the relationship of both economies to the rest of the world. The key factor is the EU is the biggest market in the world and Britain would cut itself off from it. The Northern Ireland economy has been a forgotten annexe of a slow growing British economy on a relative basis for a long time. Cutting itself off from Europe would deepen those trends significantly and accelerate them.

Therefore, it might become obvious to many in the North, where, perhaps, it is not already the case, that, in economic terms, the future does not lie with Britain.

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