Ten myths about Brexit

1. Leaving the EU would hurt the UK’s ability to trade with it.

The fearmonger’s favourite argument. But fear not: the global economy has changed dramatically since Britain joined the EU in 1973, seeking entrance to a common market. The World Trade Organisation has brought down tariff rates around the world; even if we didn’t sign a free-trade deal with the EU, we would have to pay, at most, £7.5 billion a year in tariffs for access to its markets. That’s well below our current membership fee.

2. Three million jobs will disappear.

A bogus figure, heard often from the likes of Nick Clegg. It dates back to a 2000 study from the National Institute of Economic and Social Research, which calculated the number of people whose jobs are linked to exports to European consumers. Would demand for these exports vanish if we pulled out of the EU? Of course not.

3. The City will decamp to Frankfurt.

Sound familiar? That’s because the exact same claim was made ten years ago when some in the Square Mile tried to bully Britain into joining the euro. The City has been able to thrive without us joining the single currency; three-quarters of Europe’s financial transactions take place in the UK. Indeed, 40 per cent of all transactions denominated in euros take place in Britain. With corporation tax of just 20 per cent and flexible labour laws, the UK is already a magnet for companies. That won’t change.

4. Human rights will disappear.

Given that Britain invented the idea of liberty and exported it to the world, we’re the last country to need EU membership to show that we respect human rights. Our tradition of human rights may anyway be codified by a UK Bill of Rights, whether or not we remain in the EU.