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 Full text 
Wednesday, 29 January 2020 - Brussels Provisional edition

One-minute speeches on matters of political importance

  Robert Rowland (NI). – Mr President, the Brussels hierarchy wants the EU to be a superpower. Well it has achieved that in one sense: it is a regulatory superpower. On that score, it has got no global peer. The whole raison d’être of the EU is regulation. It is a form of directive economics but has the advantage of not being paid for by taxation, as the costs are borne by businesses and passed on to consumers. Regulation is really a subspecies of central planning.

What shocks me is how Europe has developed economically: it is truly status, where only large multinationals thrive due to crony capitalism. Its attitude to business in general, start—ups, innovation in the sciences and technology and the sheer scale of regulation have been anti-competitive, anti-growth and job-destroying. So, as we leave the EU, I believe the economic consequences will be hugely positive for the UK – not least through regaining our regulatory autonomy and the ability to do our own free—trade deals. We should strive to become Singapore on terms the EU fears so much.

So I warn you: as I look forward to the EU’s prospects for 2020, I see negative interest rates, the start of QE once again and a (microphone clicks) state of the economy. So please watch and be careful, because your economy is in tatters.

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