In The Press
BNE in City AM - Would leaving the European Union be a positive move for businesses in Britain?
18 January 2013
Walking away from Europe – the UK’s biggest trading partner – would damage British business for decades. The UK is one of the most attractive EU countries to investors, but this would quickly cease to be the case if we left, as our access to the single market would be lost. Last week the head of Honda UK echoed this warning, saying that Britain needs to remain at the heart of Europe to avoid losing out on investment. Many of the 700,000 jobs dependent on the car industry would be put at risk were the UK to leave, as tariffs would be imposed on UK cars exported to the EU. According to TheCityUK, 50 per cent of corporation tax revenue from financial services could leave the UK, and erecting barriers to the free movement of services would jeopardise London’s place as a global financial centre. Europe is the bedrock of the UK’s trade and remains a platform not only to European markets, but to the whole world.
Roland Rudd is chairman of Business for New Europe.