New research has highlighted the value to the UK economy of full access to Europe’s single market, covering goods and services.
This is a big benefit to British businesses, in particular our service sector and UK financial services – helping create UK jobs.
- A host of independent experts have outlined how the EU’s single market benefits the UK economy, boosting UK trade, investment, incomes, employment and growth. One such independent analysis showed that UK goods trade with the EU is 55% higher because of EU membership. This “EU effect” amounted to £133bn in 2014, which is the equivalent to over £670k in extra trade on average for each business which exports or imports goods with the European Union.
- An array of reputable surveys shows that the vast majority of British business people support remaining in the EU because of the full access to the single market this guarantees.
- The single market is particularly important for Britain’s vital service sector, which makes up 78% of the UK economy. This is particularly true for the UK financial services sector. If the UK was outside the single market, UK-based financial services firms would lose the right to operate across the EU and would have to comply with the specific rules over which the UK would have no say.
- The leave campaigns are putting Britain’s valuable membership of the single market at risk and cannot guarantee full access if we leave Europe. Stronger In will challenge the leave campaigns to show clearly what trading relationship the UK would have with the single market if we were to leave and what evidence they have that this would be agreed with other member states.