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19 October 2015

CEBR: The impact of the UK being in the Single Market

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Staying in Europe could add £58bn a year to the UK economy and bring 790,000 jobs to Britain, according to a new independent study by the Centre for Economics and Business Research commissioned by Britain Stronger in Europe.

Responding to the publication of a new study from the Centre for Economics and Business Research which concludes staying in Europe could deliver hundreds of thousands of new UK jobs in the next 15 years, Britain Stronger in Europe Executive Director, Will Straw, said:

“Today, a new independent study commissioned by Britain Stronger in Europe outlines the value of our membership of the EU to all of us, and more importantly the future gains our EU membership can bring to Britain in the years ahead.

“’We cannot consider the economics of Britain’s membership solely through our annual contribution; we must take into account the current and future benefits of trade, investment and job creation which could be cut off if we left Europe.”

“The study shows that the overall contribution to our economy from exports to the EU was £187 billion last year, and that it could rise by almost half again to £277 billion a year by 2030.

“The CEBR also provide fresh evidence that 3.1 million British jobs are currently linked to the UK’s exports to the EU. But with reform, the study shows that in the future even greater economic gains are available to us.”

The new CEBR study, titled ‘The impact of the UK being in the Single Market’, projects that giving British firms greater access to European markets in energy, transport and digital services, combined with new global trade deals, could add £58 billion a year to the UK economy by 2030, equivalent to a 2.8% boost to our GDP.

The CEBR state: “What we consider to be rather conservative estimates suggest that, by 2020, the annual permanent boost to UK GDP would be £19.0 billion, rising to at least £58.6 billion by 2030, equivalent to a permanent increase of 2.8%.” (1)

The study reveals that this boost to GDP could deliver 300,000 new jobs to the UK by 2020, rising to 790,000 by 2030.

The CEBR conclude: “The economic activity that will produce this additional GDP will require more people in employment, which we think could translate into an additional 303,000 newly created jobs by 2020, rising to about 791,000 by the time all measures are implemented and fully functioning in 2030.” (2)

Welcoming the study and urging those who want Britain to remain in Europe to make their case to the British people ahead of the referendum, Chair of Britain Stronger in Europe, Stuart Rose, said:

“[...]We want every person in Britain to see the potential future benefits of our membership and understand the true reality of life for Britain outside Europe. That means setting out the economic impact on every household in the UK and the missed opportunities for boosting the UK’s trade within the single market.

The study also reveals that the potential future gains to the UK economy would be at risk if the UK was no longer a member of the European Union, the CEBR state:

“These benefits would be at risk and up for negotiation with partners who might not want to create a precedent for other countries to follow the UK in exiting the EU …. Our estimates show, therefore, the potential sums that are at risk if the UK leaves the EU.” [...]

Full report

Related article in The Independent: "A report that highlights the true value of our EU membership", by Will Straw


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