CBI backs EU membership "worth £3,000 to every household"

The CBI is today publishing the business vision for a reformed EU, after an in-depth study of the UK’s global future. As emerging markets become increasingly dominant, the CBI argues the UK must maximise openness to global trade - and the best way of achieving this is as part of a reformed EU.

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. It is 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.

John Cridland, the CBI Director-General, said:

“We all need 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.

“We are better off in a reformed EU than outside with no influence. Each year, membership is worth £3,000 to every household in this country.

“But the 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.

“I am clear that the ever closer union of the Eurozone is not for Britain. The big reform issue is to ensure that Britain’s membership of the Single Market and the EU of the 28 does not become damaged or diluted by the Eurozone’s drive for greater integration.”