TFA: Another EU lie bites the dust

Recent comments by Jamie Dimon, CEO of JP Morgan, suggest yet another EU lie can be added to the list, says Rory Broomfield.

Since the EU referendum, several things that the British people were told by the remain campaign concerning the economy have proved to be wrong. Now, Jamie Dimon, CEO of JP Morgan, adds 'the EU job lie' to the list.

Politicians and others throughout 2016 (and before) sought to convince the British people that "three million jobs depend on EU membership". Yep, that's right: "depend". But they are not "depending" on that statistic now as, despite admitting that individuals will move, the CEO of JP Morgan said that the investment bank won't move many people from the UK.

This comes as the warnings made during the referendum – that "a material number" of the 34,000 jobs in the London insurance market could either go or be relocated to an EU members state post-Brexit – have turned into Lloyd's of London announcing that just "tens of staff" will be located to Brussels.

This process of restructuring, as detailed by the ever excellent Tim Worstall in Forbes, is sensible – and it happens all the time. But for companies like Lloyd's to set up a Brussels subsidiary doesn't mean relocating thousands of their top brass abroad. Indeed, many of those top brass don't want to relocate. It just means a bit of restructuring to suit lower level compliance obligations.

It seems that the idea that the UK couldn't survive without the EU was lost on Europhile politicians, however.

Individuals within the Liberal Democrats especially went on about the 'the EU job lie' – sometimes known as the "three and a half million jobs lie" or "myth" – and obviously paid the price for it. Their understanding was based on a research paper produced in 2000 for South Bank University by Professor Iain Begg et al., in which the broad claim was made. The methodology and result was then replicated by a research paper produced by the National Institute of Economic and Social Research, but whose findings were later described by a former director of the Institute as "probably past [its] sell by date". Indeed, another past director of the Institute, Martin Weale, was so furious at how Lib Dem politicians and others were using the research that he repudiated the lie, describing its misuse by politicians as 'pure Goebbels'.

There we are: 'pure Goebbels', apparently. Iain Dale called what Clegg was saying as "total bollocks" – so each to his own – but even as recently as last year a former Prime Minister, Gordon Brown, was using the idea.

On the contrary, jobs depend on trade – and this is not dependent on EU membership. This was illustrated within a leaflet produced by Professor Tim Congdon CBE for The Hampden Trust in association with The Freedom Association on why the lie was – and continues to be – untrue.

But reality will also continue to prove 'the EU jobs lie' untrue if the UK becomes a 'Global Britain' as, globalised outside the EU, it will be able to mitigate the economic and political risks that are rising within the EU. If the UK had remained within the EU, it would be strapped to a sinking ship. Brexit gives the UK a lifeboat. Businessmen and women are now realising this – and the opportunities that remain in the UK far outweigh increasing exposure to political risk within the EU.

The way that the Prime Minister and her Brexit Ministers are handling the task has obviously reassured the business community that a 'Global Britain' is the best type of Britain. It is refreshing to see their confidence – as they continue to invest and operate within the UK, with their top earners to boot. It is also nice to see the logic and rhetoric of the prophets of doom proved so wrong. But will they apologise? We're still waiting, Mr Clegg…