Ulster Unionist Business spokesperson, Cllr Mark Cosgrove has told an audience at a Sinn Fein organised debate at Queens University that a united Ireland makes no economic sense whatsoever.
Cllr Cosgrove, a director of a pan European logistics company based in both Northern Ireland and the Republic described the benefits of being part of the world’s 6th largest economy by Gross Domestic Product, rather than one whose economic policies are dictated by the interests of others in the euro currency zone.
He said:
“The Ulster Unionist Party believes passionately in the benefits of the single European market and the benefits, with suitable reform, of the United Kingdom playing a key role within the EU.
“But a key reason why Northern Ireland would not be better off economically within a United Ireland is the consequences of being in the single currency.
“Those of us who have large Republic of Ireland businesses will never forget the trauma of running our companies during the Celtic Tiger years within the constraints of the single currency and consequently the European Central Bank monetary policy.
“How can the economic conditions of countries so economically diverse as Germany, France, Ireland, Greece and Spain ever require the same core economic measures?
“The unequivocal answer is they can’t and they haven’t.
“In 2007 when Ireland needed higher interest rates to slow down soaring domestic demand, wage and property inflation, France and Germany needed lower interest rates to stimulate demand, so guess what happened?
“Why would anyone voluntarily decide to put themselves at the mercy of the competing interests with a single currency monetary policy when they can retain their own fiscal autonomy within the World’s 6th largest economic power house?
“The UK remains Ireland`s single largest trading partner and Ireland, astonishingly, is now the UK`s 5th largest trading partner.
“This was the reason- because it was in the United Kingdom`s, selfish and strategic interests and protected the 200,000 estimated jobs in the UK that rely on Irish consumers- why the UK government were happy to contribute over 7 thousand, million euro to the Irish bail out.
“Let`s redouble our efforts to build a better Northern Ireland through a strong and vibrant economy and work with our nearest neighbour, our largest customer and a close economic friend.”