This week MP Neil Carmichael discusses The European Union single market

A HUGE number of firms in the Stroud Valleys and Vale access the European Union single market. It is the world’s largest barrier-free trading area, accounting for nearly half of our trade. The EU economy is £11.8 billion in total value, making it larger than the United States economy and, perhaps surprisingly, almost twice the size of the Chinese economy.

The single market was established during the 1980s and is an example of a key reform being inspired and driven by British influence and leadership. The success of the single market is a tribute to Margaret Thatcher as prime minister and Lord Cockfield in his capacity as commissioner for trade. Today, Britain has, once again, pushed the agenda forward by extending the single market to include more services, energy and, crucially, the digital economy.

For local businesses the single market has been a powerful stimulant for considerable investment and job creation. Firms such as Delphi Automotive and ABB have benefited from the single market, enabling them to successfully develop their business models. Through the single market, firms such as Sartorius have recently invested in new factories, creating hundreds of new jobs, thus further reducing unemployment in the Valleys and Vale.

Leaving the European Union would mean we would leave the single market. Some Leave campaigners do not seem to care about the advantages of free trade across Europe while others promote other ‘arrangements’. These alternatives include the Norwegian model, where Britain would pay for access but would forgo any influence on regulations and policy.

Other options include the Canadian model but this excludes financial services and automotive industries, both of massive importance to the British economy. Struggling for an answer, Leave campaigners have now promoted Albania as an example to copy.

In short, if we left the European Union, Britain would be reliant on the World Trade Organisation, meaning tariffs and other barriers until free trade agreements could be negotiated with around 60 states to compensate for being out of the single market and the free trade agreements through the single market.

To protect our economy, we need to stay in the European Union.