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| Top UK business leaders back Tony Blair's warning over possible EU exit | Top UK business leaders back Tony Blair's warning over possible EU exit |
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| A business group backed by the bosses of some of Britain’s biggest companies has thrown its weight behind Tony Blair’s warning about the effects of a referendum on the UK’s membership of the European Union. | A business group backed by the bosses of some of Britain’s biggest companies has thrown its weight behind Tony Blair’s warning about the effects of a referendum on the UK’s membership of the European Union. |
| Business for New Europe (BNE) said a vote to quit the EU could force some companies that use Britain as a European base to leave the UK. The group warned that businesses will hold back on investment in Britain because of the uncertainty created by the prospect of the referendum. | Business for New Europe (BNE) said a vote to quit the EU could force some companies that use Britain as a European base to leave the UK. The group warned that businesses will hold back on investment in Britain because of the uncertainty created by the prospect of the referendum. |
| Business leaders on BNE’s advisory council include Sir Michael Rake, the chairman of BT, Chris Gibson-Smith, the chairman of the London Stock Exchange, and Sir Philip Hampton, the chairman of Royal Bank of Scotland. BNE is non-partisan and campaigns for Britain to stay in a less bureaucratic EU. | Business leaders on BNE’s advisory council include Sir Michael Rake, the chairman of BT, Chris Gibson-Smith, the chairman of the London Stock Exchange, and Sir Philip Hampton, the chairman of Royal Bank of Scotland. BNE is non-partisan and campaigns for Britain to stay in a less bureaucratic EU. |
| Blair said in a speech on Tuesday that the prospect of Britain leaving the EU would cast a “pall of unpredictability” over the economy, threatening jobs and investment. He warned that a vote to quit the EU would cause the worst instability and anxiety for business since the second world war. | Blair said in a speech on Tuesday that the prospect of Britain leaving the EU would cast a “pall of unpredictability” over the economy, threatening jobs and investment. He warned that a vote to quit the EU would cause the worst instability and anxiety for business since the second world war. |
| David Cameron has promised to call a referendum on Britain’s membership of the EU by 2017 if the Conservatives form a government after next month’s election. He has pledged to renegotiate the terms of the UK’s membership before the referendum. | David Cameron has promised to call a referendum on Britain’s membership of the EU by 2017 if the Conservatives form a government after next month’s election. He has pledged to renegotiate the terms of the UK’s membership before the referendum. |
| Sir Nigel Sheinwald, a non-executive director of Royal Dutch Shell who sits on the advisory council, said: “I agree with the sentiment [of Blair’s speech]. The first issue is uncertainty between the election, if the Conservatives win, and the referendum. In that period, companies thinking of major investment in the UK which depend on Britain’s membership of the EU will delay or go somewhere else. [If there is a vote to leave], there would be a period of renegotiation in which everything would be uncertain for years until we got a new status. Britain’s exit from the European Union would be a huge business and political risk and I think a lot of companies realise that.” | Sir Nigel Sheinwald, a non-executive director of Royal Dutch Shell who sits on the advisory council, said: “I agree with the sentiment [of Blair’s speech]. The first issue is uncertainty between the election, if the Conservatives win, and the referendum. In that period, companies thinking of major investment in the UK which depend on Britain’s membership of the EU will delay or go somewhere else. [If there is a vote to leave], there would be a period of renegotiation in which everything would be uncertain for years until we got a new status. Britain’s exit from the European Union would be a huge business and political risk and I think a lot of companies realise that.” |
| Blair’s intervention was the latest salvo in the war between Labour and the Conservatives over which party would be best for business. More than 100 bosses wrote an open letter last week supporting the Conservatives’ economic policies after Labour used an advert to highlight business fears over a possible EU exit. However, some business people cited by each side said they had not intended to take part in party politics and bosses were becoming increasingly reluctant to express their views. | Blair’s intervention was the latest salvo in the war between Labour and the Conservatives over which party would be best for business. More than 100 bosses wrote an open letter last week supporting the Conservatives’ economic policies after Labour used an advert to highlight business fears over a possible EU exit. However, some business people cited by each side said they had not intended to take part in party politics and bosses were becoming increasingly reluctant to express their views. |
| Sir Andrew Cahn, another member of BNE’s advisory board, said Blair could be correct to say a vote to leave the EU would cause the worst turmoil for business since the war. He said: “At that point, that would lead to huge turbulence and perhaps the phrase ‘the greatest turbulence since the second world war’ might be appropriate.” | Sir Andrew Cahn, another member of BNE’s advisory board, said Blair could be correct to say a vote to leave the EU would cause the worst turmoil for business since the war. He said: “At that point, that would lead to huge turbulence and perhaps the phrase ‘the greatest turbulence since the second world war’ might be appropriate.” |
| Cahn, who is the vice chairman for public policy at the investment bank Nomura, was one of the business leaders quoted by Labour in its advert about the risks of leaving the EU. | Cahn, who is the vice chairman for public policy at the investment bank Nomura, was one of the business leaders quoted by Labour in its advert about the risks of leaving the EU. |
| He said it was a mistake for David Cameron to have announced the referendum four years in advance. Big businesses that export their goods are overwhelmingly in favour of staying in the EU, he added. | He said it was a mistake for David Cameron to have announced the referendum four years in advance. Big businesses that export their goods are overwhelmingly in favour of staying in the EU, he added. |
| Sir Martin Sorrell, chief executive of WPP and also on the BNE board, said: “I don’t know if it’s the biggest thing since world war two. It’s an unfortunate analogy. At best, a referendum would be neutral. An exit would be negative for reasons we’ve talked about over the past few months.” | |
| Sorrell said a referendum next year might clear up the question earlier, but that if the vote was in 2017 the European economy might be in better shape, lending support to staying in the EU. | |
| “In essence, one agrees with what Tony Blair says despite the unfortunate analogy,” Sorrell said. “If you vote Conservative you have a more business-friendly party and you have a referendum. If you vote Labour you have a party that seems to like bashing business, or certainly big business, and you have no referendum. It’s an unfortunate choice in the election between the two.” | |
| Lucy Thomas, the BNE’s campaign director, said: “The implications of Brexit would be serious and long-lasting, with certain sectors seeing very real threats to their continued business in the UK. Britain outside the EU would be diminished and lonely, when we should be open and outward-looking to trade with the rest of the world.” | Lucy Thomas, the BNE’s campaign director, said: “The implications of Brexit would be serious and long-lasting, with certain sectors seeing very real threats to their continued business in the UK. Britain outside the EU would be diminished and lonely, when we should be open and outward-looking to trade with the rest of the world.” |
| Rake, who is also the deputy chairman of Barclays and the president of the CBI, said Britain should stay in the EU. He said: “At the same time it’s important that we retain pro-business and investment policies. These together are the only way we will get a sustainable increase in living standards for the working population of this country and allow us to invest in the public services we need.” | Rake, who is also the deputy chairman of Barclays and the president of the CBI, said Britain should stay in the EU. He said: “At the same time it’s important that we retain pro-business and investment policies. These together are the only way we will get a sustainable increase in living standards for the working population of this country and allow us to invest in the public services we need.” |
| Katja Hall, the CBI’s deputy director general, said: “The decision on holding a referendum is one for the government of the day and voters, but a significant majority of businesses are clear that they want to stay in a reformed European Union. | Katja Hall, the CBI’s deputy director general, said: “The decision on holding a referendum is one for the government of the day and voters, but a significant majority of businesses are clear that they want to stay in a reformed European Union. |
| “The EU opens up the world’s largest single market of 500 million consumers to UK businesses, which drives investment, growth and jobs here.” | “The EU opens up the world’s largest single market of 500 million consumers to UK businesses, which drives investment, growth and jobs here.” |