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Britain would face ‘serious downsides’ as a result of leaving EU, CBI warns

The business lobby group the Confederation of British Industry (CBI) has reported that Britain would face serious consequences as a result of leaving the European Union. While there would be downsides to remaining in the EU, these are ‘significantly outweighed’ by the benefits.

The report states: ‘Just as ‘more Europe’ isn’t the answer to every question, neither is ‘no Europe. Being a member of the European Union helps British businesses to grow and create more jobs across the UK.’

According to the report, 76% of CBI members believe that the ‘EU single market’ has had a positive impact on their business, with only 2% reporting that it has had a negative effect.

Due to the EU’s size, trade negotiators are able to go ‘toe-to-toe’ with economic powerhouses such as the US and China in bids to open up their markets.

The CBI does, however, accept that there are problems with Britain’s current EU membership.

It states that ‘the EU isn’t perfect and can work better for business by doing less of what it does badly and doing more of what it does well’.

Will Straw, executive director of the Britain Stronger in Europe campaign, said: ‘Being part of Europe boosts the UK economy by increasing our trade and investment in turn supporting millions of jobs here at home.’