EU Single Market critical to regional economy
The UK’s membership of the European Union has helped boost job creation and growth in the East Midlands for more than forty years, with as many as 200,000 jobs in the region currently linked to exports to the Single Market, the CBI argues.
According to figures from HM Treasury1, there is the potential to create 65,500 future jobs for the East Midlands if the UK remains in the EU, and continues to deepen economic ties with its member states. Several key sectors in the region depend on the Single Market:
89,900 manufacturing jobs in the East Midlands are linked to UK exports to EU countries. Remaining in the EU and extending the Single Market could see an additional 11,410 manufacturing jobs being created in the region
22,900 jobs in wholesale and retail trade are boosted by trade with the Single Market. 9,320 jobs could be added to the East Midlands’ distribution and retail sector by staying in, and strengthening, the Single Market
9,420 jobs in banking and business sectors could also be created in the East Midlands through strengthening the Single Market.
Richard Blackmore, CBI East Midlands Director, said:
“The UK’s membership of the European Union has been of enormous benefit to the East Midlands for over 40 years. Some of the key sectors that lie at the heart of communities across the region, from manufacturing to retail, rely on our membership of the Single Market.
“Virtually every economist agrees that leaving the EU would likely cause an economic shock, damaging the East Midlands’ prospects. We’d not only put a dent in what we have now, we’d also miss out on thousands of jobs in the near future, as a result of losing access to the Single Market, pulling the rug from under our local economy.
“This is why the majority of businesses want the UK to remain inside the EU, to best drive growth, support and create jobs, and increase prosperity for our region.”