Single Market: Multiple Achievements

Following the publication of the European Commission’s report on the single market in the 21st century, Business for New Europe has issued the following response:

The single market has eliminated tariff barriers, abolished border controls and introduced mutual recognition for product standards. By doing this, it has boosted living standards, productivity and economic growth. Estimates suggest that the EU’s GDP is 1.8% higher as a result of the single market than it would be without it.

As a result of the single market, the UK now has a domestic market which reaches across Europe. Our companies can look beyond the horizons of London and Leicester to Lyons and Lisbon too. For decades the United States has benefited from having a domestic market of millions of consumers, now approximately 300 million in total. The European market outstrips this, giving UK companies tremendous opportunities to appeal to 500 million consumers.

At the same time as savouring the progress, we need to accelerate the process of reform to extract even more benefit from the single market.  Last year’s services directive was certainly a step in the right direction to opening up markets in services. Furthermore the Commission must be resolute in using its enforcement powers to act against suspected breaches of the single market. The single market is one of the defining achievements of the EU to date, and can be an integral part of the Union’s success over the next 50 years.

Roland Rudd, Chairman of Business for New Europe, said:

“As we approach the 50th anniversary of the EU, we should reflect on the progress brought about by the European single market. It is one of the great successes stories of international economic cooperation in recent times.”

BNE Advisory Council members Guy Dawson (Founding Partner, Tricorn Partners) and Vijay Patel  (CEO, Waymade Healthcare), who both have first-hand experience of benefiting from the single market, said:

“Across many economic sectors, reducing trade barriers has boosted competition and led to a reduction in prices. It has had a dynamic impact on leading sectors of the economy from automobiles and airlines to pharmaceuticals and telecoms.”

ENDS

1. BNE’s aim is to support the UK’s active engagement in Europe, and a reformed, enlarged and free-market EU.

 2 . BNE’s principles are as follows:

• We support the UK’s membership of the EU and oppose withdrawal to the margins; we support positive and constructive engagement with the EU as the only sensible approach and as vital to our national interests.
• We support a vision of a prosperous free-market Europe able to compete in a globalised world.
• We support economic liberalisation and oppose excessive EU regulation, centralisation and red tape.
• We support institutional reform, further cooperation between EU member states where it is in Britain's interests and oppose old-fashioned federalism.  
• We support the enlargement of the EU including Turkey, and recognise the benefits that the recent wave of enlargement have brought.  

3. The above statement is issued from the BNE Executive.

4. For further information about Business for New Europe, see www.bnegroup.org or contact +44 (0) 207 256 6575, +44 (0) 7787 513 864 press@bnegroup.org