EU referendum: Voting Remain could create another 75,000 jobs in London, according to Confederation of British Industry

 
James Nickerson
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London's Economic Boom Continues
The CBI says as many as 650,000 jobs in the capital are linked to exports to the Single Market (Source: Getty)

There is the potential to create more than 75,000 jobs in London if the UK votes to remain in the EU, according to new research.

Analysis of figures from the Treasury by the Confederation of British Industry (CBI) found that staying in the EU and deepening economic ties with other member states could lead to the creation of 75,430 jobs in the capital.

Lucy Haynes, CBI London director, said: “The UK’s membership of the European Union has been of enormous benefit to London for over 40 years. Some of the key sectors that lie at the heart of communities across the region, from manufacturing to retail, rely on our membership of the Single Market.

Read more: Europeans (kind of) want the UK to remain the EU

“Virtually every economist agrees that leaving the EU would likely cause an economic shock, damaging London’s prospects. We’d not only put a dent in what we have now, we’d also miss out on thousands of jobs in the near future, as a result of losing access to the Single Market, pulling the rug from under our local economy.

“This is why the majority of businesses want the UK to remain inside the EU, to best drive growth, support and create jobs, and increase prosperity for our region.”

The CBI states that as many as 650,000 jobs in the London region are currently linked to exports to the Single Market, including jobs in scientific, technical and retail activities.

Read more: EU referendum week gets off to a stonking start as sterling and FTSE make gains

In particular, it said 104,300 jobs in financial and insurance activities in London are linked to UK exports to EU countries, while 17,320 jobs in the banking and business sectors could also be created in London by remaining in the EU and extending the Single Market.

Vote Leave Chief Executive Matthew Elliott said: "The EU’s failure to conclude just five trade agreements with the United States, Japan, ASEAN, India and Mercosur has, according to the European Commission’s own figures, cost the UK 284,341 jobs.

"If we vote to leave the EU, we can take back control over our trade policy - which could create 300,000 jobs. That's just one way in which we can look forward to a stronger, more secure, and more prosperous future if we Vote Leave on Thursday."

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