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European Communities (Finance) Bill

The hon. Gentleman knows something about economics, and about something called a dynamic model, in which the indirect and subsequent consequences of any action must be taken into account. I believe that the settlement will result in enhanced revenues for the European Union as a whole: we will all have more money to play with. That point has already been made this evening, using the example of Ireland. It is wonderful for us that Ireland has become so prosperous. I do not say for a moment that Ireland has become prosperous only because it has been in receipt of cohesion and structural funds. The Irish are extraordinarily enterprising people, and once released from the autarky pursued by their Governments in the initial generations after independence, some take-off was likely. Since the Whitaker report in the 1960s, they have invested in education in a big way. As Members on both sides of the debate have said, they have pursued sensible and attractive tax policies. It must be a matter of delight to us that not just Ireland but Portugal and Spain have been completely transformed since they joined the European Union, because it contributes to our prosperity.