Europe
British business remains fully committed to Britain’s membership of the European Union.
But the EU has to increase its pace of change if it is to compete in world markets. The EU has to become more outward looking and its economies more competitive and sustainable. It has to be seen to create benefits that could not be better achieved at national level.
The Lisbon objectives were recast in 2005 to focus on jobs and growth in the face of ever increasing global competition and a rapidly ageing population in Europe. This was the right thing to do. All the member states must continue to force the pace of change if Europe is to sustain its’ current standards of living, let alone improve them.
Policy makers at home, in Brussels and in the other European capitals need to focus on speeding up the liberalisation of protected markets; completing the single market in services and goods; helping business be more innovative and more sustainable; and improving the business environment in general.
Indeed, regulation introduced in the last ten years costs British business £65.99 billion. Nearly three quarters of that burden comes from legislation sourced in Brussels. Policy makers need to review the way they regulate SMEs who are disproportionately affected by legislation.