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Home BUSINESSLeaving EU poses "very significant risks" to Britain's future
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Mon, 28 Apr, 2014 03:02:11 AM
FTimes-Xinhua Report, April 28

Leaving the European Union poses very significant risks to Britain's future, undermining economic well-being and the ability of business to grow and compete in the world market, said TheCityUK in two reports published Sunday.

The EU has a positive impact on driving British trade, high productivity and growth, said the industry body representing the country's major banks and insurance companies. 

The reports stress that all alternative to EU membership would be costly for business and finance, with significant challenges in the negotiation process - risking damage to Britain through uncertainty, reduced market access and loss of influence. 

While the continued membership of the EU, as well as a membership that embraces modernization and reform, is in Britain's best long term interests, conclude the reports.

EU, as the world's largest market, accounting for around a quarter of global GDP, 45 percent of British exports and approximately a half of its imports. Over 80 percent of British trade firms do business with Europe.

Chris Cummings, chief executive of TheCityUK commented in a statement: " Current EU membership not only gives the UK access to the most powerful tools to promote its interests including voting and veto rights, but it is also significantly tailored to meet UK- specific objectives. 

And "by contrast, this research clearly shows that leaving the EU would pose a number of risks. Uncertainty about what a 'no' vote in any referendum would entail is one of the most significant," Cummings said.

The reports were released nearly one month before 2014 European Parliament election. Last month, David Cameron, British prime minister, detailed in a news paper article the powers he wanted to reclaim from Brussels before his proposed in or out referendum in 2017.

TheCityUK, established in 2010, is an independent body representing financial and related professional services based in Britain.

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