London’s success underpinned by access to European marketsJune 9, 2015
As MPs debate the legislation for an EU Referendum Bill, David Lutton, Director of Competitiveness Policy at London First, said:
“London is a hub for global projects and the place to go if you want to reach the world market. Its success is underpinned by access to European markets.
“EU membership gives Britain’s businesses access to the largest and richest single market in the world and ensures that we are a magnet for foreign investment. Remaining at the heart of a modernised, more competitive and outward-looking single market is undoubtedly in the national interest.”
Our recent report, London and the EU set out why Britain’s relationship with Europe is of great importance to London.
- the EU is London’s biggest trading partner, responsible for 30-40 per cent of total exports;
- London attracts the most Foreign Direct Investment of any city in Europe; and
- being part of the Single Market supports London’s status as an international economic hub. 40 per cent of the world’s largest 250 companies choose London for their European or global headquarters, with almost half citing access to Europe as the core reason for investing.