Businesses row with Brussels over impact of EU exit on City
THE CITY will continue to thrive if Britain leaves the EU, business groups said yesterday, hitting back at Viviane Reding’s claims the Square Mile would be cut off.
“The City would most definitely lose its unhindered access to the single market in the case of an exit,” the EU Commissioner said.
But campaign group Business for Britain said the City will stay strong.
“The strength of the City doesn’t come from Britain’s membership of the EU, it comes from the skills in London, confidence in our legal system, our timezone and the fact that people love living in the world’s number one city,” said founder Matthew Elliot.
Meanwhile the Institute of Directors said the EU should focus on more positive reforms.
“The talk of the consequences of a UK exit conceals the need for urgent reform of EU institutions,” said the IoD’s Christian May. “Completing the single market in services would not be a bad first step, and would be a more useful way for her to expend her energies.”