1.2 million British Indians are eligible to vote in the EU Referendum and our votes could prove to be decisive.
The decision on our membership of the EU is an issue which transcends party politics. So it is with great pleasure that I am joining a large cross-party campaign group of distinguished British Parliamentarians of Indian-origin, who are united in the belief that we are stronger, safer and better off in Europe. And we are already making that case to the country and to our community and will continue to do so right up to 23 June.
Aspiration, family support and a huge amount of hard work has made the British Indian community a huge success story. As a community we now punch well above our weight, whether in business or the public services. We have prospered as the UK economy has done well.
So there are two main questions I am asked when I speak about the referendum at community events. What will be the outlook for the economy? And what is being done to create a benefits system which does not act as a magnet for EU migrants, requiring something to be paid into the system before something is taken out?
On benefits, David Cameron has delivered in his renegotiation with the EU. A 7-year emergency brake which would stop EU migrants claiming full access to our benefits on the day of arrival. That’s on top of delivering on the commitment which requires EU migrants to leave Britain after six months if they have not found work and have no genuine prospect of finding a job.
On the question of the economy, I believe our prosperity would be put at risk if we voted to leave the EU. The one certainty of a vote to leave would be huge economic uncertainty. We would face uncertainty about the terms of our revised economic relationship with the EU and scores of other countries we have trade treaties with through the EU. It may be many years before we can complete renegotiating these deals and trade tariffs would lead to higher prices in our shops.
Uncertainty would arise about future inward investment from, amongst others, Indian companies which have invested many billions of pounds in the UK in recent years because they see us as a gateway to a 500 million people market in the EU. If we vote to pull up the drawbridge to that European gateway it makes the UK a much less attractive place to invest in. And less investment means fewer jobs.
And uncertainty would prevail about interest rates which may well have to rise, leading to higher mortgage costs for homeowners and businesses.
Only a one or two percent point drop in the size of our economy, as a result of the economic shock of a vote to leave, would mean many billions of pounds less in tax revenues which are needed to fund our schools, our NHS, our police forces. I certainly do not want public services to suffer or to see tax rates rise, which will hit the successful British Indian community, to make up the shortfall.
Ultimately a vote to remain in the EU, the UK’s largest trading partner, guarantees us continued unfettered access to a market of 500 million consumers as well as lower prices, more jobs and more investment.
British Indians are outward looking internationalists by nature. That is why so many of us believe that Britain’s place belongs in the EU, where we are leading the agenda for reform.
