Sir,
Today my Private Member's Bill "Analysis of Cost and Benefits [NAFTA Membership]" was introduced in the Commons. This was not intended to be a Valentine's Day message to the United States, but an invitation to Parliament and the British public to think seriously about US-UK economic relations.
In 1999, British institutions invested over £107 billion in companies overseas. Of that, 31 per cent was in the other 14 nations of the European Union and 63 per cent was in the US alone.
A common language, legal system and business ethic, and freer trade and instant communications have made compatibility rather than geography the determinant of Britain's economic future. These trends are likely to strengthen.
Next month, the International Trade Commission (an agency of the US Government) will be visiting Britain as part of its inquiry into the effect on the US economy if Britain were to be a part of the North American Free Trade Agreement (NAFTA).
It is not unreasonable for Britain occasionally to revisit and audit its own future possibilities.
With no membership fees (Britain currently pays £20 million each day into EU coffers) and no directives, NAFTA makes a tempting alternative to the EU with a market 25 per cent richer than the EU.
Fortunately, the latest round of World Trade Organisation treaties guarantee continued trade with continental Europe whether we find ourselves in or out of the EU in years to come.
With the net cost of our EU membership estimated by the Institute of Directors to be moving towards a crippling £50 billion each year, perhaps it is time for Parliament to undertake a dispassionate review of Britain's options for the future.
Politicians have been right to argue over sovereignty issues in relation to Europe. But the time is well overdue for a rigorous economic analysis.
Yours faithfully,
MICHAEL FABRICANT,
House of Commons.
February 14, 2000
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