North of Ireland could lose at least €3.5billion from Brexit, says Martina Anderson MEP

THE North of Ireland could lose at least €3.5billion if the “Brexit” referendum to leave the European Union is passed on Thursday 23 June, Sinn Féin MEP Martina Anderson has said.

She was speaking in Coleraine on Friday at an event examining the economic implications of a Brexit.

The negative economic implications for the people of the North are very serious, she said, “and whilst the EU must be democratised, this must be done without breaking it apart”.

The correct strategic position from a republican and democratic perspective is to critically engage and reform the EU from within its structures, the Sinn Féin MEP for the Six Counties said.

“That is the best way to challenge the narrow, ideological, conservative and anti-democratic opposition to a social Europe. The strategic and political implications of Brexit run entirely counter to Irish national interests.”

She said that Sinn Féin has a very clear position on a Brexit.

“We oppose it because the North is a net beneficiary of EU funding and the constituency we care most about is our own. The truth is that the North will suffer considerably in the event of a Brexit.

“Initially, the combined financial loss of EU investment, subsidies and funds to the North of Ireland – and the southern Border counties – arising from a Brexit would be in the region of at least €3.5billion.”

She pointed out that a Department of Enterprise, Trade and Investment report stated that, in the event of Brexit, trade with the South of Ireland would suffer hugely and the economic output in the North would decrease by at least 5%.

“The case for Brexit is not motivated or sustained by alternative and better strategies or policies,” Martina Anderson said. “Instead, it is the product of a growth in influence by narrow English nationalism linked to Conservative Tory ideological interests.

“As republicans, we recognise that the core element of the struggle against austerity policies has to happen within the nation states of the EU. However, this is not done in isolation and Ireland's place is within a social and progressive Europe where we can drive forward solutions.”

She concluded:

“Sinn Féin will continue to work with progressive allies in Europe in order to enhance the positives of the EU, combat the negatives and hold the institutions to account.

“Sinn Féin will continue to critically engage and reform the EU from within its structures and in doing so Sinn Féin will continue to vigorously oppose a Brexit.”