The panel was chaired by Desmond Hudson, Chief Executive of the Law Society and included Laura Sandys MP & Dominic Raab MP. Roland Aurich, Siemens Chief Executive for UK & North West Europe and Matthew Elliott, Chief Executive, Business for Britain completed the panel
Desmond Hudson, Chief Executive of the Law Society, opened the debate by stating that turnover of legal services within the EU was more than £100 billion in 2012, with 26% originating in the UK. He said London was a key, central hub for legal affairs and that of the six largest law firms in the world four were based in London.
Dominic Raab MP explained that he started life as a competition lawyer and spent time in Brussels. He asked whether the EU is good for business and said there were good and bad points on both sides. It was unlikely that the British would suffer, he said, on car sales for example.
He added that the UK has a substantial trade deficit with the EU and that if the UK votes to withdraw completely it would still have influence through the World Trade Organisation (WTO) rules which should support British business. The only way the UK would be affected by leaving the EU would be if it was punished by remaining members out of spite, which he hoped would not happen.
Raab added the European free trade agreements (FTAs) were possible and several had recently been agreed including those with mid-sized economies like the Ukraine and also Singapore.
He said there was clearly a suffocating amount of red tape affecting British business and that this regulation adds costs for businesses too.
He concluded by saying there were clear benefits for UK membership of the EU but that these were stating to get eclipsed by the downsides, and that it was time now to renegotiate.
Roland Aurich, Chief Executive of Siemens in the UK & North West Europe, said that Siemens currently had 25,000 staff in UK, and there were clear benefits from EU membership for the UK. He said that 46% of the UK economy was reliant on other aspects of the EU and that the Battle for Europe should be Europe vs Asia, not Europe vs UK.
There had been clear market reform within the EU and that for this reform to continue the UK needed to retain its influence on EU decision making, he said.
He concluded by saying being competitive was important, and what industry did not need was uncertainty. If the UK remained in the EU businesses will continue to invest in the UK.
Chief Executive of Business for Britain, Matthew Elliott, said that David Cameron’s speech on Europe had managed to turn the debate around from where it was one year ago. He said whilst some wanted to come out of the EU “come what may” and some insist on staying in whatever the debate, Cameron’s sensible option of sitting with other leaders to find a new way ahead seems most realistic.
Business for Britain had conducted a big survey of British businesses, he explained, and this is due to be published in November.
Renegotiation is possible, he believed, and treaty change is also likely. Elliott added that there is now a clear path for the UK and was delighted that James Wharton’s Referendum Bill is doing so well progressing through Parliament.
Laura Sandys MP said we all have ambition for Britain and that nobody is saying we must get out of Europe without referring the question to British people. She argued it is also crucial to recognise that whether Britain is in or out of the European Union, it is impacted by Europe.
It would be better to have a seat around the table and have impact, she believed, rather than having others make decisions without our say.
Sandys added that Norway has no say within the European Union but is "given the bill" and that Switzerland has not been able to negotiate a services deal yet, so does not have the same access as members, as has been suggested for the UK as an option after withdrawal.
Ultimately Sandys said she was ambitious for the UK and its access to 500 million customers in the EU, as well as the USA and the Commonwealth.