Around 80% of the Confederation of British Industry’s members believe their business would be better off if the UK remained in the EU.
In a new report, it said that a vote to remain in the EU “would secure the benefits business already receives from the EU, and provide the opportunity to build on them through the Prime Minister’s renegotiation, putting competitiveness at the heart of the EU.
“The EU is not only good for business but it also adds £70-90 billion every year to the UK economy and makes the average household is £2,700-3,300 better off.”
The CBI recognises that the will be challenges ahead regardless, but that a vote to leave would “put the UK’s economic prosperity at risk.”
The report concluded by saying that by leaving the EU, there “would be a short term shock to the UK economy as the uncertainty around the UK’s relationship with the EU deterred both investors and consumers. Once a new relationship with the EU has been agreed, the benefits of full EU membership would be impossible to replicate outside. As a result, the UK economy would remain permanently smaller.”