EU referendum: Business titans clash over the value of the single market to British industry
Business figures have clashed over the value of the single market to British industry, at a crunch EU referendum debate hosted by Ladbrokes at the Institute of Directors.
The former head of the British Chambers of Commerce and the president of the Confederation of British Industry crossed swords at the event last night. The panel also included former Cabinet minister Iain Duncan Smith, who insisted that risks from remaining in the EU are just as concerning as any risks from Brexit.
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John Longworth, who left the BCC after becoming an outspoken Brexiteer, argued that the single market fails Britain and its consumers.
"The single market is not designed for Britain and it is not designed for services," Longworth said, arguing that only a few sectors – such as wholesale banking – significantly benefit from a single market in services.
However, CBI boss Paul Drechsler countered that the country's markets would lose out on foreign investment in the case of a Leave vote.
"The leverage that we get is by being part of a market of 500m consumers," he said.
"And foreign direct investment comes to the UK because companies want access to that European market."
He added: "It's not perfect, and there are opportunities to improve. That's where our energies should be focused."
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Separately, Labour MP Stephen Kinnock argued that a vote to leave would have a devastating impact on the UK's steel trade.
"What is already a precarious industry would be finished," he said. "It would be the final nail in the coffin of the industry"
However, former work and pensions secretary Duncan Smith countered: "The risks of remaining are at least as great, if not greater than if we are leaving."