London is the world’s leading international financial centre, with extensive links across Europe. It stands to reason, therefore, that 84pc of industry leaders want to remain in the EU and see it reformed. But to portray this as an issue that affects only the Square Mile and Canary Wharf is misleading and inaccurate. [...] 

EU membership has benefited us by allowing significant foreign direct investment. Between 2004 and 2014, £581bn was invested into the UK by foreign businesses. More than half of this total came from outside the EU, with the UK’s access to the single market being a prime motivator. [...]

In the way that London acts as the UK’s financial hub, the UK is the centre of EU financial services. Around 35pc of the EU’s entire wholesale financial services activity takes place in the UK alone. London, with the support of the regions, acts a gateway to the EU single market for international firms who choose to base themselves here. Half of all European headquarters of non-EU firms are in the UK.

Our evidence shows that industry business leaders are near unanimous (95pc) that continued access to the single market is vital to UK competitiveness. So in the event of a Brexit, the UK would cease to offer this access, leading to the risk of firms considering alternative locations, taking with them jobs and talent.  [...]

Put simply, a Brexit risks damaging UK-based financial and related professional services right across the UK. This would threaten the UK’s strength as a leading international financial centre and weaken its attractiveness to overseas investors. This matters to households and families in every corner of the UK, because our industry pays more tax and attracts more foreign direct investment than any other sector. It is the catalyst for people to buy homes, save, prepare for retirement and grow their businesses. If our industry is weakened, the UK is weakened.

The Prime Minister’s deal lays a solid foundation to begin the reform the EU needs to become more competitive and outward-looking, and to work better for all its 28 member states. This blueprint should provide a focus for meeting the challenges of the EU in ways that drive economic growth, create jobs, spur innovation and boost competitiveness. 

A critical component of this is the completion of the single market. An EU single market fit for purpose will give each member state the chance to strengthen trade ties and boost the attractiveness of the entire region. According to estimates by the European Parliament and BIS, completing the single market could be worth an additional 5pc to 8pc to EU GDP. For the UK, that could mean as much as £4,100 per household. But the UK can only be a part of that if it remains a member of the EU.

Regardless of the June vote, the hard work will just be getting started. Vote to stay, and the process of implementing the reform begins. Reform is an ongoing process which will take time. Vote to leave, and we’ll face practical challenges, not least negotiating a new relationship with the EU to access its single market, and new free trade agreements with existing and prospective trading partners, to try to retain the benefits the UK enjoys as an EU member state. [...]

Full article on The Telegraph