
In the business world conflicting opinions remain, with both the Financial Times and the Telegraph recently reporting that more and more businesses are supporting the Brexit campaign, and Reuters revealing just last week that investment in UK business has already fallen as we countdown to the decision.
So, with that said, should businesses be backing Brexit or not?The benefits of Brexit
Many business representatives think that leaving the EU would dramatically reduce the cost of business, for example: In 2015, Britain paid a massive £13bn to the EU – which means an exit could result in a reduction in taxes, therefore benefitting businesses. However to put it into perspective, the UK also received £4.5bn in spending, which means it contributed £8.5bn – representative of a small percentage of what is spent annually on the NHS. Certain EU regulations have been seen to burden British businesses, which means some representatives feel that leaving could lift a lot of red tape and make certain processes a lot easier to implement.- The EU debate: A critical role for business
- Our readers have their say on whether a Brexit would negatively impact their companies
- How Brexit will impact UK investment market
Brexit – the drawbacks:
However, from a business perspective there are many many negatives to backing Brexit and thus, many positives to supporting the Britain Stronger in Europe campaign, with the following key for consideration: Currently the UK benefits from free trade agreements with both EU and non-EU countries. If the UK left the EU it would need to renegotiate its own terms, which may not work in our favour. Businesses benefit from the EU free trade agreement, providing the opportunity for growth overseas, and access to a vast marketplace of 500m customers. If the UK left the EU, it would increase both the complexity and cost of trading overseas.Share this story