Analysing the case for EU membership: Does the economic evidence stack up?

TheCityUK , the leading cross-sectoral body for financial and related professional services, is gathering evidence of the importance of the UK ’s relationship with the EU, including our industry’s view of how that relationship should develop, to enable the UK to be part of a globally competitive Europe.

A study of the views of business leaders in our industry, The City Speaks, showed unequivocal support for Britain’s continued membership of the EU. Our survey of public attitudes to EU membership, The City Listens, made it clear how important the views of business leaders are in helping people decide about the EU . Finance for Jobs and Growth in Europe illustrated the role of financial services in delivering solutions to the policy challenges facing the EU. A Legal Assessment of the UK’s relationship with the EU summarises the legal implications of different EU membership scenarios for the UK.

This study by Dr Rebecca Driver examines the economic benefits that accrue from Britain’s membership and argues that the Single Market, by virtue of its size and geographical proximity, plays a fundamental role in driving innovation and productivity. Its message is clear: membership of the EU is essential for the UK ’s success and for the ability of our businesses to compete in world markets.

It has been suggested that the UK could fundamentally change its relationship with Europe, but still maintain the benefits of membership. This report shows that the alternatives to membership would not be in the best interests of the UK . Continued EU membership is essential to this country’s economic wellbeing, but that does not mean that the status quo is good enough. Europe must reform and modernise if it is to better to serve the needs of its 500 million people.

TheCityUK is gathering evidence as a starting point in the reform debate; the next step is to use this evidence to show how Europe can be made increasingly competitive and successful.