David Cameron’s big Europe speech is now less than a fortnight away. It will be, I suspect, the most consequential speech of his premiership.
When you look at the challenges involved, one can see why the speech has been delayed so many times. Cameron needs to say enough to reassure his party, which has never been more Eurosceptic than it is now. But he also needs to appeal to European leaders, whose consent he will need for any new deal. At the same time, he’s got to try and not create too much nervousness among business about where all this will end up.
I understand that he intends to argue that Britain needs to remain inside the single market. But he will commit to a renegotiation of Britain’s terms of membership, starting after the next election. Once this process is complete, the British people will be offered a refendum between staying in on the new terms Cameron is confident he can negotiate or leaving the European Union altogether.
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