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The Confederation of British Industry has today published its business vision for a reformed EU. After an in-depth study of the UK’s global future the CBI argues that with emerging markets become increasingly dominant that “the UK must maximise openness to global trade – and the best way of achieving this is as part of a reformed EU”.
In a statement the Confederation said that “Working with global and domestic businesses of all sizes across the country, the CBI has identified the pros and cons of EU membership in a wide-ranging report, ‘Our Global Future: the Business Vision for a Reformed EU’”.
The report finds that while there are drawbacks and well-documented frustrations, the benefits significantly outweigh the costs, with it being “overwhelmingly in our national interest to stay in the EU – but reforms are urgently needed”.
It highlights research showing that membership of the EU is worth approximately 4-5% of UK Gross Domestic Product every year, or £62-78bn, roughly the size of the economies of the north east and Northern Ireland combined.
Commenting on the report the CBI Director-General John Cridland said that it is was necessary “to know where Britain’s future lies in a changing global economy”.
“We have looked beyond the political rhetoric to examine the pros and cons of EU membership and British business is unequivocal; the Single Market is fundamental to our future”.
Mr Cridland stressed that EU reform was necessary, arguing “he EU isn’t perfect and there is a growing unease about the creeping extension of EU authority. Europe has to become more open, competitive and outward looking if we are to grow and create opportunities and jobs for all our citizens”.
Whilst arguing that “ever closer union of the Eurozone is not for Britain” the CBI concluded that the “EU must modernise the Single Market by fully implementing a market for services and creating a digital one, and also secure major trade deals with the US, Japan and others”.
Great article, Tom. We’re all very proud of you.