Members of the Lords, including a member of the Council for the Future of Europe and a former UK ambassador to the EU, debated the economic impact of the United Kingdom’s membership of the European Union, on 24 October.
Lords outlined the costs, benefits and options for the UK in Europe. Peers looked at the potential issues facing the UK if it left the EU, including export tariffs, price increases and the renegotiation of trade agreements.
A number of Lords highlighted the difficulty in calculating how the UK’s economy would stand today if we had not joined the EU. Others highlighted how the costs and additional regulations involved with being a member could impact negatively on our economy.