I wanted to write a quick blog on the European Elections, which are taking place tomorrow (22 May). At the moment it seems to be fashionable to be anti Europe, but I am pro Europe, however I am not blindly pro Europe. I believe a combined voice is stronger in a global market than numerous individual ones, I believe that we can all mutually benefit from a strong globally engaged Europe, but I also believe it is important to keep the pound and to ensure we keep our financial independence. However, there are some very real issues with Europe: corruption, misuse of funds, is it really a level playing field and so on.
So the question is this, would the UK be better off being out of Europe?
My straightforward answer is no. Why do I say this? The UK is a member state of the EU, we are part of the world’s largest single market that has a total GDP of circa £11 trillion, an economic zone larger than the USA and Japan combined!
In the EU there are 500 million people, and, although it is far from perfect, it is a fairly level playing field for UK businesses. There is also an absence of custom duties and a common set of rules, which means you don’t have 27 different sets of country regulations to be aware of and adhere to.
On the figures side, as it currently stands, over 50% of foreign direct investment to the UK comes from other EU member states. 40% of our exports go to the EU and they are tariff-free. These exports help to support over 4 million UK jobs and are worth in excess of £200 billion to the economy.
I was speaking at the European Business Summit last week and the UK was mentioned time and again as a country that is leading Europe with cutting edge innovative businesses, excellent startup support and a ‘can do’ culture. Everyone I spoke to said how important it was for the UK to be a part of the EU, a senior Commissioner from France even told me that there was a lot the rest of Europe could learn from the UK!
So again, would the UK be better off outside of the EU? No way.
We are going to increasingly be competing against China and India, countries with populations north of 1billion, nations that are utterly driven in their growth strategy and their global market reach. To compete we need to be heard and being at the centre of Europe will be key to this. Also it is ultimately better to be inside ensuring the changes that need to happen do happen, than being on the outside complaining about the issues and running the very real risk of being sidelined.
Come tomorrow I will be voting Labour, for me it is party I am proudly a member of and one I strongly believe has Britain’s best interests at heart. It is your right to vote for who ever you want and regardless of who you vote for, please use your vote. It is the foundation of democracy and it has been depressing to see how low voter turn out has been in recent elections.
On a political front the only thing I will say is this, don’t believe some of the headline grabbing announcements that you may have seen from UKIP. If you believed their leader then we should now be inundated with Bulgarians and Romanians post the scrapping of visa restrictions at the start of the year. However recent figures clearly show that there are now 4,000 fewer immigrants than before the rule was changed! A lot of what they have been saying is just plain ridiculous, comments that are deliberately headline grabbing and play on a fear of instability, as jobs, houses and pensions seem so fragile. But a significant amount of these headline grabbing stunts are just not true. If they do as well in the polls, as is expected, there are just going to be a load of UKIP MEPs sitting in Brussels, representing you, that couldn’t care less about enhancing the UK’s position within the EU. How can that be good for the UK and for British business?
Use your vote and use it well.
For the record on the wider immigration issue, I personally feel immigration has made the UK stronger. We are arguable the most multicultural country in Europe if not the World and I feel one of the most tolerant. It is great to see so many languages, cultures and religions in the UK, it exposes us all to a truly global culture and it shows us that regardless of colour or creed we are actually not all that different. For a country it has made us a global nation, this is a huge competitive advantage on the international stage, one we should be proud of and not ashamed of.