Below is Nigel Farage's full speech to the European Parliament on 28 June 2016 after Britain voted to leave the European Union
Isn’t it funny? When I came here 17 years ago and I said that I wanted to lead a campaign to get Britain to leave the European Union, you all laughed at me – well I have to say, you’re not laughing now, are you? The reason you’re so upset, you’re so angry, has been perfectly clear, from all the angry exchanges this morning.
You as a political project are in denial. You’re in denial that your currency is failing. Just look at the Mediterranean! As a policy to impose poverty on Greece and the Mediterranean you’ve done very well.
You’re in denial over Mrs. Merkel’s call for as many people as possible to cross the Mediterranean – which has led to massive divisions between within countries and between countries.
The biggest problem you’ve got and the main reason the UK voted the way it did is because you have by stealth and deception, and without telling the truth to the rest of the peoples of Europe, you have imposed upon them a political union. When the people in 2005 in the Netherlands and France voted against that political union and rejected the constitution you simply ignored them and brought the Lisbon treaty in through the back door.
What happened last Thursday was a remarkable result – it was a seismic result. Not just for British politics, for European politics, but perhaps even for global politics too.
6 ways Britain leaving the EU will affect you
6 ways Britain leaving the EU will affect you
1/6 More expensive foreign holidays
The first practical effect of a vote to Leave is that the pound will be worth less abroad, meaning foreign holidays will cost us more
2/6 No immediate change in immigration status
The Prime Minister will have to address other immediate concerns. He is likely to reassure nationals of other EU countries living in the UK that their status is unchanged. That is what the Leave campaign has said, so, even after the Brexit negotiations are complete, those who are already in the UK would be allowed to stay
3/6 Higher inflation
A lower pound means that imports would become more expensive. This is likely to mean the return of inflation – a phenomenon with which many of us are unfamiliar because prices have been stable for so long, rising at no more than about 2 per cent a year. The effect may probably not be particularly noticeable in the first few months. At first price rises would be confined to imported goods – food and clothes being the most obvious – but inflation has a tendency to spread and to gain its own momentum
4/6 Interest rates might rise
The trouble with inflation is that the Bank of England has a legal obligation to keep it as close to 2 per cent a year as possible. If a fall in the pound threatens to push prices up faster than this, the Bank will raise interest rates. This acts against inflation in three ways. First, it makes the pound more attractive, because deposits in pounds will earn higher interest. Second, it reduces demand by putting up the cost of borrowing, and especially by taking larger mortgage payments out of the economy. Third, it makes it more expensive for businesses to borrow to expand output
5/6 Did somebody say recession?
Mr Carney, the Treasury and a range of international economists have warned about this. Many Leave voters appear not to have believed them, or to think that they are exaggerating small, long-term effects. But there is no doubt that the Leave vote is a negative shock to the economy. This is because it changes expectations about the economy’s future performance. Even though Britain is not actually be leaving the EU for at least two years, companies and investors will start to move money out of Britain, or to scale back plans for expansion, because they are less confident about what would happen after 2018
6/6 And we wouldn’t even get our money back
All this will be happening while the Prime Minister, whoever he or she is, is negotiating the terms of our future access to the EU single market. In the meantime, our trade with the EU would be unaffected, except that companies elsewhere in the EU may be less interested in buying from us or selling to us, expecting tariff barriers to go up in two years’ time. Whoever the Chancellor is, he or she may feel the need to bring in a new Budget
Because what the little people did, what the ordinary people did – what the people who’d been oppressed over the last few years who’d seen their living standards go down did – was they rejected the multinationals, they rejected the merchant banks, they rejected big politics and they said actually, we want our country back, we want our fishing waters back, we want our borders back.
We want to be an independent, self-governing, normal nation. That is what we have done and that is what must happen. In doing so we now offer a beacon of hope to democrats across the rest of the European continent. I’ll make one prediction this morning: the United Kingdom will not be the last member state to leave the European Union.
The question is what do we do next? It is up to the British government to invoke article 50 and I don’t think we should spend too long in doing it. I totally agree that the British people have voted, we need to make sure that it happens.
What I’d like to see is a grownup and sensible attitude to how we negotiate a different relationship. I know that virtually none of you have never done a proper job in your lives, or worked in business, or worked in trade, or indeed ever created a job. But listen, just listen.
You’re quite right Mr Schultz – Ukip used to protest against the establishment and now the establishment protests against Ukip. Something has happened here. Let us listen to some simple pragmatic economics – my country and your country, between us we do an enormous amount of business in goods and services. That trade is mutually beneficial to both of us, that trade matters. If you were to cut off your noses to spite your faces and reject any idea of a sensible trade deal the consequences would be far worse for you than it would be for us.
[Laughter from MEPs]
Even no deal is better for the United Kingdom is better than the current rotten deal that we’ve got. But if we were to move to a position where tariffs were reintroduced on products like motorcars then hundreds of thousands of German works would risk losing their jobs.
Why don’t we be grown up, pragmatic, sensible, realistic and let’s cut between us a sensible tariff-free deal and thereafter recognise that the United Kingdom will be your friend, that we will trade with you, cooperate with you, we will be your best friends in the world. Do that, do it sensibly, and allow us to go off and pursue our global ambitions and future.