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Osborne, Balls and Cable join forces to warn against EU exit EU referendum: Osborne accuses Leave camp of 'conspiracies'
(about 1 hour later)
Chancellor George Osborne has joined forces with former political foes Ed Balls and Vince Cable to warn it would be a "huge mistake" to leave the EU. Chancellor George Osborne has accused Leave campaigners of indulging in conspiracy theories in their response to economic warnings about an EU exit.
Mr Osborne said ex-shadow chancellor Mr Balls and ex-business secretary Mr Cable - billed as surprise guests - had their political differences. He said they would be accusing the Remain camp of "faking the moon landings" next, as he claimed an EU exit would risk £200bn in trade.
But he said they were agreed it would be a "huge mistake" for Britain to leave the EU and the single market. He was sharing a platform with former political foes Ed Balls and Sir Vince Cable who are backing the Remain cause.
The in-out vote takes place on 23 June. Leave campaigner Chris Grayling dismissed Mr Osborne's claims.
Meanwhile, more than 300 business figures and entrepreneurs have signed a letter in support of an EU exit. He told BBC News: "The reality is there's no conspiracy here at all. In fact, the conspiracy theories around the European Union are there in black and white, you don't need any hidden elements to it - there is a clear plan to create a federation of the eurozone."
In a speech at Stansted Airport, after an introduction from Ryanair boss Michael O'Leary, Mr Osborne said: "There is a reason the three of us are standing here today putting aside our political differences." Voters will be asked to decide whether they want the UK to stay in or leave the European Union on 23 June.
"It's not a conspiracy, it's called a consensus," he said, saying the economic argument is "beyond doubt". In a speech at Stansted Airport on Monday, Mr Osborne unveiled what were billed as surprise guests, Ed Balls and Sir Vince Cable, as he warned that it would be a "huge mistake" to quit the EU.
"Britain will be worse off if we leave the EU... Leaving the EU is a one-way ticket to a poorer Britain," he said.
'Conspiracy theories'
Mr Osborne was speaking alongside Mr Balls - once described by David Cameron as "the most annoying person in modern politics" - and former coalition partner Vince Cable - both of whom lost their seats at the 2015 general election.
Standing in front of a Ryanair plane which carried the words that Britain is "stronger, safer and better off in Europe", Mr Osborne warned that leaving the single market - in which there are no tariffs, quotas or taxes on trade and where there is free movement of goods, services, capital and people - would cost Britain £200bn in a trade a year - as well as £200bn overseas investment.Standing in front of a Ryanair plane which carried the words that Britain is "stronger, safer and better off in Europe", Mr Osborne warned that leaving the single market - in which there are no tariffs, quotas or taxes on trade and where there is free movement of goods, services, capital and people - would cost Britain £200bn in a trade a year - as well as £200bn overseas investment.
That would mean fewer jobs, lower incomes and higher prices in the shops, he added.That would mean fewer jobs, lower incomes and higher prices in the shops, he added.
What is the single market? "There is a reason the three of us are standing here today putting aside our political differences," said the chancellor.
In the early 1990s the common market grew into the single market we know today. "It's not a conspiracy, it's called a consensus," he said. "Britain will be worse off if we leave the EU... Leaving the EU is a one-way ticket to a poorer Britain."
At its heart is a free trade area, which is a market where there are no tariffs or taxes on trade between countries. While its members can trade freely with each other, they also impose common tariffs on imports from non-EU countries. Mr Osborne said an economic consensus had emerged and was shared by organisations including the International Monetary Fund, the Bank of England the OECD and by figures including US President Barack Obama that "Britain will be poorer" outside the EU.
Being a member of the single market means a country gets the benefit of any trade deal struck between the EU and other countries - the flip side is that member states cannot set their own tariffs. But he said the Leave camp "say it is all a massive conspiracy" and claim it is "all part of some global stitch-up to give misinformation to the British people".
But the EU's single market is much more than a straightforward free trade area, because it also includes the free movement of goods, people and capital. "The next thing we know, the Leave camp will be accusing us of faking the moon landings, kidnapping Shergar and covering up the existence of the Loch Ness monster.
Crucial to the single market is a common framework of regulations that mean companies in countries such as the UK, France, Italy or Poland have to abide by common standards - whether they trade across the EU or not. That is to stop one business or country having an unfair advantage. Most countries in the single market also have a single currency - the euro - but the UK has not adopted it. "The response to the sober economic warnings from around the world by those who want to leave the EU has not been credible or serious," he added.
Reality Check: Who has access to the single market?
Mr Osborne accused Leave campaigners of responding to warnings about the potential economic impact of quitting the EU as a "massive conspiracy" - and said this was neither "credible or serious".
"That's everyone from (Bank of England governor) Mark Carney to (IMF chief) Christine Lagarde to (US president) Barack Obama to the entire editorial team at ITV to the staff at the IMF and OECD, to hundreds of economists, to a majority of leaders of small, medium and large firms - they think they are all part of some global stitch-up to give misinformation to the British people," said Mr Osborne.
"The next thing we know, the Leave camp will be accusing us of faking the moon landings, kidnapping Shergar and covering up the existence of the Loch Ness monster," he added.
'Hugely damaging''Hugely damaging'
Leave campaigners argue the UK could have the best of both worlds after leaving the EU's single market of 500 million customers, by no longer having to abide by EU law or freedom of movement rules but still being able to have unfettered access to European markets.Leave campaigners argue the UK could have the best of both worlds after leaving the EU's single market of 500 million customers, by no longer having to abide by EU law or freedom of movement rules but still being able to have unfettered access to European markets.
Vote Leave chief executive Matthew Elliott has said the UK is the "biggest customer" for many European countries and was therefore in an "uniquely good position to get an extremely good trade deal."Vote Leave chief executive Matthew Elliott has said the UK is the "biggest customer" for many European countries and was therefore in an "uniquely good position to get an extremely good trade deal."
The Leave camp also say the UK would be able to negotiate trade deals with other non-EU countries if it was outside the bloc.The Leave camp also say the UK would be able to negotiate trade deals with other non-EU countries if it was outside the bloc.
But sharing a platform with Mr Osborne, Mr Balls said the EU single market had been "great" for consumers and losing access to it by a vote leave to on 23 June would be "hugely damaging" for families. But former Labour shadow chancellor Ed Balls - once described by David Cameron as "the most annoying person in modern politics" - said the EU single market had been "great" for consumers and losing access to it would be "hugely damaging" for families.
Mr Cable said British businesses and workers have "benefitted overall" from EU membership and "stand to lose substantially" from leaving. That's an "unambiguous view", he added. Sir Vince, Lib Dem business secretary during the coalition government years, said British businesses and workers have "benefitted overall" from EU membership and "stand to lose substantially" from leaving.
Meanwhile, Ryanair chief executive Mr O'Leary warned that if Britain left the EU the company could cut the amount it invests in the country.Meanwhile, Ryanair chief executive Mr O'Leary warned that if Britain left the EU the company could cut the amount it invests in the country.
He said the airline would open a new European training centre at Stansted Airport, creating about 450 new jobs in Britain as part of the $1.4bn it invests in the UK.He said the airline would open a new European training centre at Stansted Airport, creating about 450 new jobs in Britain as part of the $1.4bn it invests in the UK.
But he warned: "If Britain isn't a member of the EU these investments, these jobs will be going to other countries. That's why Ryanair is campaigning so strongly for Britain to remain in the EU."But he warned: "If Britain isn't a member of the EU these investments, these jobs will be going to other countries. That's why Ryanair is campaigning so strongly for Britain to remain in the EU."
And he said airfares and the costs of holidays would rise, adding: "That's not speculation, that's a certainty."And he said airfares and the costs of holidays would rise, adding: "That's not speculation, that's a certainty."
Mr O'Leary has previously suggested air fares would not be affected by an EU exit.Mr O'Leary has previously suggested air fares would not be affected by an EU exit.
In February, he told ITV News: "I don't believe leaving the European Union will cause air fares to rise. The thing that will drive up air fares in Britain is the UK government's travel tax."In February, he told ITV News: "I don't believe leaving the European Union will cause air fares to rise. The thing that will drive up air fares in Britain is the UK government's travel tax."
Pro-exit letterPro-exit letter
In other campaign developments, 306 business figures have signed a letter, published in the Daily Telegraph, backing Vote Leave.In other campaign developments, 306 business figures have signed a letter, published in the Daily Telegraph, backing Vote Leave.
It said being a member of the EU undermines British competitiveness and that outside the EU British business could "grow faster, expand into new markets and create more jobs" from outside the EU.
Signatories include Peter Goldstein, a founder of Superdrug, Steve Dowdle, a former vice-president of Sony, and David Sismey, a managing director of Goldman Sachs.Signatories include Peter Goldstein, a founder of Superdrug, Steve Dowdle, a former vice-president of Sony, and David Sismey, a managing director of Goldman Sachs.
Tim Martin, chairman of pub chain JD Wetherspoon, Adrian McAlpine, from construction firm Sir Robert McAlpine, and Jon Moulton, chairman of Better Capital LLP, also signed the letter.Tim Martin, chairman of pub chain JD Wetherspoon, Adrian McAlpine, from construction firm Sir Robert McAlpine, and Jon Moulton, chairman of Better Capital LLP, also signed the letter.
Both the Leave and Remain campaigns have previously published letters revealing the backing of other business figures. Labour MP Chuka Umunna, who is campaigning for a Remain vote, said the "the overwhelming weight of businesses support remaining in the European Union".
He added: "Leave campaigners are deliberately trying to mislead the public by suggesting British business is split down the middle on our EU membership."