Unit 4 Macro: CBI calls for Britain to stay inside the EU

The Confederation of British Industry has today launched a report called Our Global Future: The Business Vision for a Reformed EU - The report calls for further EU reform not least the completion of the single market in particular in services and the new internet economy. They argue for more free trade deals with other countries and regions.

The report produces estimates – based on past academic studies – that EU membership adds £62bn-£78bn a year to UK gross domestic product, equal to the combined economies of northeast England and Northern Ireland. That works out at £3,000 per household and £1,225 per individual. The fact sheets from the report can be found here

Europe - Britain's biggest trade partner

• $15.4 trillion GDP (nominal) – more than six times larger than UK GDP of $2.4 trillion
• $14.5 trillion GDP (PPP) – more than six times larger than UK GDP of $2.3 trillion
• 457 million Population
• $31,700 GDP per capita (PPP) – 16% lower than UK’s $36,900
• 1.4% p.a. GDP growth over 2012-1874
• £245.2 billion UK exports in 2012 – 49.8% of UK total exports