§ Mr. BercowTo ask the Prime Minister what cost-benefit analysis of UK membership of the European Union the Government have undertaken. [106401]
§ The Prime MinisterThe Government are clear about the benefits to the United Kingdom of its membership of the European Union. Membership of the European Union brings significant benefits to the British economy. Over half our trade in goods is with the EU, with eight of our top 10 trade partners in Europe. In 1998 trade in goods was worth some £95.4 billion. Membership gives us access to a single market of 372 million people—the largest and richest market in the world. Over three and a half million jobs are directly linked to trade with the EU with thousands of jobs being created as a result of Britain's position as the gateway to countries outside the Union. The UK is now the top location in the EU for foreign direct inward investment. At the same time we benefit as consumers, with Single Market competition bringing lower prices and greater choice, and the Single Market rules ensuring proper protection for consumers. In addition, we have secured European Structural funding worth £10 billion for 2000–06 for regeneration and economic development in the UK regions. Our farmers also benefit from the £5 billion a year in aid under the Common Agricultural Policy.