Brexit threat to our economy

I would be most grateful if Mr Jones can spell my name correctly and get this right, as well as the rest of the points in his letter.

Mr Jones claims that I am misleading readers and I feel that I need to defend the points I made while refraining from personal slurs. In support of my statement, Sir Andrew Dilnot, chair of the independent UK Statistics Authority, said the Vote Leave £350 million claim was ‘misleading’ and urged them to stop making it. The UK Statistics Authority is disappointed to note that there continue to be suggestions that the UK contributes £350m to the EU each week, and that this full amount could be spent elsewhere.

Sir Andrew stated: “As we have made clear, the UK’s contribution to the EU is paid after the application of the rebate. We have also pointed out that there are payments received by the UK public and private sectors that are relevant here. The continued use of a gross figure in contexts that imply it is a net figure is misleading and undermines trust in official statistics.”

Mr Jones may benefit from increasing his understanding of the difference between gross and net on a balance sheet and with respect to Mr Jones, it is important to be able to think clearly and not let personal bias confuse an understanding of the key issues

In plain words, the Brexit campaign is lying about what we actually pay in our taxes for membership of the EU.

More importantly, what we pay per household per year in taxes on the interest of our national deficit is five times what we pay for the EU. An exit from the EU will further devalue the pound and increase the cost of this interest, so we will be unlikely to be any better off.

The fall in the value of the pound against the dollar over the last year is evidence that Brexit poses a major threat to our economy.

The options market, where corporates and investors hedge on the value of sterling, is currently described as being in a state of panic, so in the event of Brexit, be prepared for a run on sterling and the pound in your pocket.

David Daniels CBE

Beech House Lane


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