EU's Single Market 'will bring 75,000 new jobs to London'
Staying in the European Union would add £13.9bn to London’s economy and bring 75,000 jobs to the capital by 2030, a new study has claimed.
The report, commissioned by the business group London First from the Centre for Economics and Business Research, found that the EU’s Single Market could boost the capital’s economy by the equivalent of 3.4% of the city’s GDP over the next 15 years.
Benefiting most would be the tech sector and the financial services sector, potentially increasing the capital’s GDP by £1.7bn and £1.5bn respectively.
Jo Valentine, chief executive of London First, said: “London is the business capital of Europe and today’s research shows we need to move on from this endless political melodrama about whether we’re In or Out.
“We need a bold agenda to complete the Single Market because London could be richer to the tune of £14 billion.
“Britain led the creation of the Single Market in the 1980s and it should carry on the good work of liberalising markets throughout Europe.
“London First research has shown that the creative, digital technology and tourism sectors have been three of the biggest drivers of growth for the capital since 2010 – with the benefits of their growth spilling over into the rest of the country.
“These are also sectors which are particularly reliant on Europe and would benefit from the completion of the Single Market.”
The research comes as London First, the business group, launches a new campaign to make the case for London to remain part of the EU.
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