Both sides of EU debate not providing answers for farmers, say NFU
Both sides of the EU referendum debate are leaving lots of questions unanswered for the farming community, NFU President Meurig Raymond will say at Cereals 2016 today.
Raymond said both Leave and Remain should provide 'real answers' to referendum questions being asked by farmers at the debate.
He added that the NFU economists have scrutinised spending promises made by the Vote Leave campaign.
The Bank of England has said that the debate surrounding the referendum is already slowing UK economic growth.
The IFS study examine that a vote to leave could result in a £20bn to £40bn hit to the public finances in 2019/20, if GDP was 2.1% to 3.5% lower over the period.
"In the week before the EU referendum, the questions we have been asking from the outset remain unanswered by both sides," he said.
“If we stay in, how will our concerns about EU regulation, a better CAP and science-based product approvals be met? If we leave, the Vote Leave campaign stated all current payments to the UK from the EU budget - including those to farmers - would be maintained until 2020.
"How can the Vote Leave campaign guarantee that their promises would be delivered?"
10 times net Budget contribution
The NFU’s own rough calculations on Vote Leave’s spending promises suggest that more funding for the NHS, removal of VAT on fuel, reduction in Council Tax would amount to £112 billion. More than 10 times the net EU budget contribution.
"This calculation ignores the potential reduction in GDP as a result of Brexit.
"According to the Institute of Fiscal Studies a one per cent reduction in GDP would require £14 billion of public spending cuts or tax increases.
“In the final days before the vote, the NFU is calling for real answers to questions, not empty rhetoric.
“Whatever the outcome on the morning of the June 24, the NFU’s overall aim is to ensure that British farming can thrive, with fair access to markets, labour and the same levels of support as is available to its competitors.
"We will work with the government following the EU referendum to make certain of this."
