- New independent study says our membership of Europe could add £58bn a year to UK economy by 2030 due to further economic reforms, equivalent to 2.8% boost in UK GDP
- Boost to GDP could deliver 300,000 new jobs by 2020, rising to 790,000 by 2030
- Study says even without further reforms, exports to the EU are worth £187 billion a year to the UK economy and that could rise to £277 billion a year by 2030
- These figures are predicated on the UK retaining its current status within the EU
- Study reveals exports to the EU are associated with 1 million UK employees
- Britain Stronger in Europe Chair, Stuart Rose, says report sets out “potential future benefits of our EU membership” and makes clear “not only that Britain is better off in Europe now, but that in the coming years we have more to gain”
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:
“When I took on this role as Chair of the Britain Stronger in Europe campaign I knew that the challenge would be to convince the man or woman on the street that Britain is better off in Europe than we would be out on our own.
“That’s not an easy task, because for years the people who believe that the UK is stronger, safer, and better off in Europe have vacated the field to those who shout the loudest. Unfortunately, up until now that has been people on the ‘out’ side.
“We are determined to turn that around. 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.” (3)
Chair of Britain Stronger in Europe, Stuart Rose, said: “This independent report shows not only that Britain is better off in Europe now, but that in the coming years we have more to gain.”