EU links to ‘provide business growth opportunities’

14/01/08 17:54

Britain’s close collaboration with the EU could provide unmatched opportunities for UK businesses to prosper, which would result in benefits not only to the UK economy but to the British population as a whole.

Senior Cabinet officials are meeting today with UK business leaders to discuss methods aimed at maximising the benefits of being part of the EU for Britain.

According to the Department for Business, Enterprise and Regulatory Reform (BERR), businesses have a vital role in seizing the new opportunities available in the coming years.

“The advantages to business of active participation in Europe are self-evident,” said John Hutton, secretary of state for business.

“Nearly 60% of our total trade is now with other EU member states, creating around three million British jobs.

“But benefits are not limited to industry,” he added. “Removing the remaining barriers in the Single Market could mean that, at current prices, the average European citizen would find themselves roughly £400 per year better off.”

Already, membership of the EU has brought the UK economic benefits. The EU is the UK’s most important trading partner, accounting for more than half of total trade and around 63% of British goods exports in 2006, which was worth approximately £150bn.

Currently, three million UK jobs are linked to the export of goods and services to the EU. Economic growth in the EU is expected to increase from 1.8% in 2005, to 2.4% in 2008, with another five million jobs predicted to be created by 2009.