For the Eurosceptics, Brexit would free our businesses, particularly our financial services, to operate on a global stage. Robert Oulds, director of the Bruges Group, a thinktank that advocates cutting ties with Europe, has researched extensively the impact on business of a post-Brexit world: “If we left, we’d be outside the reach of the financial transactions tax [proposed by the EU and due to be introduced in January 2016], which is worrying many in the City and will certainly drive financial business outside of the EU. We’d also have the ability to get out of EU rules like the cap on bonuses in the City.”
Membership of the EU is costing British business more than £150bn each year.
Professor Tim Congdon
One of the areas of focus for the coalition government has been a renewed concentration on industry and manufacturing in the UK, a recognition that the economy had become too reliant on the service sector. Denis MacShane sees Brexit as a threat to this old industry renaissance. “If you look at our motor car industry, it’s entirely foreign-owned, a lot of it Asian money. Now they’re investing here because they have completely unfettered access to the EU through us. If we left, why wouldn’t they choose to base their big investment projects in another EU country? There are plenty of places with labour that is just as skilled but much cheaper. Romania, Bulgaria – they could pick up all the Japanese and Indian motor car investment.”