More than 100 City executives back campaign to leave ‘damaging’ EU
MORE than 100 chief executives from leading financial firms last night backed the campaign for Britain to quit the EU.
The move was being seen as another major boost to the “leave” campaign last night and fresh proof that many investors believe an EU exit could boost the British economy.
Matthew Elliott, chief executive of the Vote Leave campaign group, said: “Far from the picture of doom and gloom painted by the Government, it is clear that the City of London would not only retain its pre-eminence as the world’s most important financial centre, but would also thrive after freeing herself from the EU’s regulatory shackles.”
Other signatories included Dominic Burke, group chief executive at Jardine Lloyd Thompson, Peter Cruddas, chief executive at CMC Markets, and Luke Johnson, founder of Risk Capital Partners
Their letter said: “We write – in our personal capacities – as individuals active in the City of London and UK financial services who share a strong personal commitment to the world’s most vibrant financial centre, and a material interest in its future success.
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The CEOs believe the City of London would thrive outside the EU
“As we contemplate the upcoming referendum on UK membership of the EU, we remember that the EU had honourable origins – to heal the wounds of post war Europe, to enable free trade to return the Continent to prosperity. In 1975 there were persuasive reasons for the United Kingdom to join the European Economic Community, and we believe membership was for many years a positive for the UK and the City.
“However, we do not believe that the same case can be made for continued membership in 2016.
“The EU is now shackled to the euro, a project doing damage to the social and economic fabric of member countries, including high youth unemployment.
“Meanwhile there is scant evidence that the EU will foster or support the kind of innovation which is essential if Europeans are to compete with the rest of the world.
“Specifically, we worry that the EU’s approach to regulation now poses a genuine threat to our financial services industry and to the competitiveness of the City of London.
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Paul Marshall has signed the open letter backing the Leave campaign
“We will therefore be supporting the Vote Leave campaign and encouraging others to join us.
Using the Treasury’s central estimate that UK gross domestic product would be 6.2 per cent lower by 2030 after a Brexit than it would be if Britain stayed in the EU, JPMorgan said the impact on British wealth could be huge.
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‘The EU is now shackled to the euro’ the letter reads
“To put it differently, the hit to wealth would be equivalent to a loss of around half of the value of the UK’s housing stock and the land associated with it.”
http://www.express.co.uk/news/politics/665850/Brexit-boost-CEOs-back-campaign-leave-EU-referendum