"We welcome the Prime Minister’s call for business to play our part" says TheCityUK.
By Chris Cummings, Chief Executive of TheCityUK.
Evidence TheCityUK has bought to the reform debate clearly shows that continued membership of a reformed EU will bolster the City’s – and the UK’s – long-term competitiveness.
As the Prime Minister highlighted today, reform of the EU should benefit all 28 Member States – and the UK is not alone in calling for it.
We welcome the Prime Minister’s call for business to play our part. We know from our own research that the public would find it helpful to hear from business leaders on this issue. Our role is not to tell people how to vote, but to present the facts about the consequences of the various referendum outcomes and help them reach an informed decision when they cast their vote.
One of the most fundamental benefits of being in the EU is the access it allows to the world’s largest Single Market of 500 million people. This attracts foreign direct investment from across the globe and is one of the major reasons international firms base themselves in the UK. Reform that focuses on completing the Single Market in services, digital and energy will benefit all Europe’s citizens and improve the lives of everyone in the UK.
The City is the beating heart of Europe’s economy. Over 75% of European capital markets and investment banking is transacted in the UK, creating jobs and spreading wealth across the nation. This activity generated more than one third (£25bn) of the £65bn financial services paid to the UK Exchequer.
We look forward to the seeing the outcome of the Prime Minister’s negotiations and having clarity around the timing of a referendum. Continued uncertainty is bad for business and investor decision-making.