Business leaders want UK in a reformed EU

European business leaders are backing the Prime Minister’s drive to make the EU more competitive ahead of the European Council this week. The CBI and its counterparts in Germany, France, Italy and 16 other EU Member States, which together speak on behalf of over 2.5 million businesses, employing more than 50 million people, have published a joint letter backing reforms that will make the EU more competitive and outward-looking to deliver jobs, security and prosperity across Europe. In the letter they also recognise that not all Member States wish to be part of a drive for further integration, agreeing that non-Eurozone countries should have their position in the wider single market safeguarded.

The 21 federations believe that while the referendum is a matter for the British people, they support the UK’s continued membership of a reformed EU.
The letter from 21 business federations, speaking on behalf of over 2.5 million businesses, states:

“Business is an essential part of the solution to many of the challenges facing the EU but companies need a strong and globally competitive European economy. We therefore want to see a more competitive EU – a key pillar of the UK’s negotiations on its EU membership – which will be beneficial for citizens across the continent.

“Looking ahead to the UK’s forthcoming referendum, it is for the British people to decide the outcome but European business strongly supports continued British membership of a European Union that takes the necessary reforms to be competitive, outward-looking and continue delivering growth, jobs, peace, security and prosperity for all.”

Carolyn Fairbairn, CBI director-general, said: “There is a compelling shared benefit for firms to trade with no barriers inside a market of 500 million people and those crucial economic ties which connect us, creating jobs and investment, cannot be taken for granted.

“Improving the EU to make it more competitive in a global economy would be a real gain for firms of all sizes in the UK and across Europe.

“With clear momentum towards a deal that could benefit all Member States, business calls on Europe’s leaders to make good on their promises of reform and deliver the changes that will secure a prosperous future.

“Most CBI members – though not all – want to stay in a reformed EU and we will consult them once again when a final deal is agreed.”

These comments were mirrored by Sean McGovern, Lloyd's chief risk officer and general counsel, who pointed to the uncertainty that an exit would create.

"It may be a statement of the obvious, but exiting the EU will create a level of uncertainty, for Lloyd’s, for the London market, as well as the UK and European economies, we have rarely experienced."

Speaking at an Insurance Institute lecture, McGovern said Lloyd's had been actively working on the issue. "I am leading a team which is building out our contingency plans to deal with a range of possible scenarios. The objective – to ensure that Lloyd’s can continue to provide our market with access to the EU. Whilst there will be more work to do in the event of a vote to leave, we are confident that this objective can be achieved and that we will be able to provide ways to allow business to continue to be written on both a cross-border and a branch basis."

"From a Lloyd’s perspective, we would support any agreement that improves competitiveness and drives efficiency into the functioning of the EU and how business is conducted across Europe, whilst at the same time, protecting Britain’s interests."

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