Britain and Europe need to grow together
By Juergen Maier in British Influence - EuropeWatch
Originally published by East Midlands Liberal Democrats
We have been operating in the UK since 1843; we have over 14,000 employees, of which over 8,000 are engineers and support 25,000 supply chain jobs. Siemens total activities secure a total 54,000 jobs in the UK and we will always be committed to supporting manufacturing and industry in Britain. But we wouldn't have been as successful as we are without being able to freely operate in the Single Market, the shared economic relationship for us and many other international investors gives us confidence to do business in Britain.
Britain must work with Europe to bolster support for British SME's and manufacturers, help integrate the single market and make the continent more competitive. Working together to develop a high tech and open economy spurred by a collective approach to growth will help Britain and Europe emerge from the financial crisis. Big trade agreements are on the horizon too.
A comprehensive trade agreement between the EU and the USA could boost EU GDP by €66bn by 2027. An agreement between the EU and Japan could boost EU GDP by €105bn by 2020. At current GDP levels, that could mean an extra £21.6bn annually for the UK. This in addition to so much of our exports going to the continent means there is a growing economic case for being at the heart and not the fringe of Europe.
EU membership on average costs 42p per day, per citizen. Let's also remember what Europe does for industry. The EU helps to fund growth-accelerating projects, including the National Renewable Energy Centre, and the Advanced Manufacturing Institute in Sheffield, supporting innovators in need of capital. Supporting investment in R&D and our universities as well as cross continental collaboration is a big selling point for international investors.
But Europe isn't perfect. We know the Eurozone crisis is damaging to confidence. We know the continent lacks competitiveness, and sometimes forgets the backbone of economic growth - our SMEs. We need to reform Europe, leading the charge to help it open more of its markets. We should call for all new EU trade laws to pass an independently verified SME test, to reduce red tape. We should call for more investment - together - in skills and science. We should also remember the immense supply chain benefits for SMEs that comes with being part of an integrated - yet reformed - single market. It reduces costs, increases productivity and keeps prices low for the consumer.
The economic crisis in Europe as much existential as it is literal. It has taught us that financial events in one part of the world directly affect the other. There is no economic isolation in the global age. But right now the problem we are facing in the run up to such a defining moment in British economic history is uncertainty. We, and our manufacturing partners, are looking for long-term stability in the UK and Europe, which the current debate is threatening. Economic instability thrives on uncertainty. We must act now and tackle this important issue head on - and make the case for building a better Europe together for future generations and we must do this from within. Europe needs us and we need Europe, so let's get in the middle of it.
Our role working alongside Business for New Europe, the CBI and the EEF is to make a clear economic case for reforming the EU from within. BNE's reform manifesto sets out how Europe can be made more competitive and deliver growth.
We all need to come together as a business community in support of British Influence and the 'Our Biggest Market' campaign - to demonstrate the importance of the single market to UK industry.