Home Business News "Opting out of EU risks millions of jobs", warn businessmen

"Opting out of EU risks millions of jobs", warn businessmen

by LLB Editor
20th Dec 11 11:03 am

Twenty leading businessmen today warned that three million jobs are at risk if Britain dosen’t stay in the heart of Europe. Their intervention comes 10 days after David Cameron vetoed EU treaty reforms.

Virgin boss Sir Richard Branson and British Telecom chairman Sir Mike Rake were among the business honchos who wrote a letter to the Daily Telegraph urging the Government to ‘re-engage in the decision-making process’ in the European Union.

The businessmen wrote: “The Government estimates that three million British jobs rely on exports to our European partners.

“The EU’s institutions, from the commission to the European Court of Justice, exist mainly to safeguard the single market’s level playing field.

“Protecting the single market has to be the bedrock of our re-engagement with Europe.”

The business heads also argued that it is in Britain’s interest for the Euro to survive, and that the EU’s single market is “of great importance” to the UK.

“It accounts for over half our trade, but we must deepen and widen it, and push for reform in services, telecoms, the digital arena and energy,” the businessmen added.

Among the other signatories were Sir Martin Sorrell, chief executive of advertising group WPP, Roland Rudd, the chairman of Business for New Europe, former EU trade commissioner Lord Brittan, and Sir Stephen Wall, Tony Blair’s former adviser on Europe.

European countries yesterday agreed to provide €150bn (£125bn) to the International Monetary Fund (IMF).

But Britain’s decision not to take part in a scheme to support the struggling eurozone, made it even more difficult for EU finance ministers to reach their target of €200bn.

Britain has made clear that it will not be part of any effort intended specifically for the eurozone, but is ready to consider participating in a global effort to boost IMF resources at a meeting of the G20 group of major economies in Mexico in January.

A Treasury spokesman said: ‘The UK has always been willing to consider further resources for the IMF, but for its global role and as part of a global agreement.’

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