UK business lobby group the Confederation of British Industry nailing their true colours to the mast

Further to Ryan's earlier Brexit post here's another " better the devil you know" argument to Remain.

Say the CBI:

Our best future is inside the European Union.

  • Our members tell us that the EU isn't perfect but that the UK's membership has benefited British business and the UK economy. Access to the single market, skills, global markets and increased investment has enabled businesses to grow, create more jobs and contribute to the UK's prosperity.
  • In 2014, the EU cost the UK £9.8 billion in direct budgetary contributions. But, the collective impact of the benefits of EU membership has made the average household in the UK around £2,700-3,300 better off and added £70-90 billion every year to the UK economy. This is a return of 9 to 1.
  • The EU faces challenges but the Prime Minister's renegotiation secured the UK's special status inside the single market, protected it from further integration and put the EU on course to a more competitive future.
  • By remaining in, we can unlock further benefits of EU membership for business -using our influence we can remove the final barriers to a single market in services and digital, industries which are of particular importance for the UK, and add 7% to UK GDP.

An uncertain future awaits outside the European Union

  • Leaving the EU will be a step into the unknown for the UK and cause a significant economic shock. It will cause unnecessary uncertainty and leave the UK economy smaller.
  • The negotiation of a new relationship with the EU could take 10-15 years. In the worst case scenario this could leave businesses and consumers facing tariffs on exports to, and imports from the EU.
  • Even with a new relationship with the EU, the benefits of EU membership are likely to be impossible to replicate fully outside. The UK is already a highly competitive market as the second least regulated product market in the developed world.
  • Depending on the pace of negotiations, there could be 550,000 -950,000 fewer jobs and the average household in the UK could be £2100-3700 worse off in 2020

Full report here and certainly containing a few facts and figures to add to the debate, albeit slanted to suit.

I confess I remain one of the many Undecided and still weighing up the evidence on offer and sorting the wheat from the chaff. Our guest economist John Hearn has made his mind up though as I posted here last month.

What do our UK readers think? Made your minds up yet? What do our overseas readers make of the decision to be made? Let us know in the comments section.