CBI Believes British Businesses are Better off Within the EU

CBI The Voice of Business

CBI The Voice of Business

According to a top business leader, most British businesses are ready to vote to remain within the EU during the referendum. The Confederation of Business Industry (CBI) president, mike Rake, also the BT chairman, indicated in a CBI annual conference that remaining as members of the European Union was overwhelmingly tilted towards the national interest of the country. The words follow those of Ed Miliband, leader of the opposition Labour Party who had reiterated that Prime Minister Cameron’s referendum on the EU question by 2017 has seen the country lose its influence within the Europe Union.

Two futures

The CBI leader glimpsing on British investment on business standing indicated that the country was facing two futures and had to choose either of them. On one hand, the country was risking shutting itself completely from the rest of the world and looking inwardly in a time when global change was inevitable by refusing to embrace the power of competitive free markets to grow and progress. The other choice is embracing the openness that has always characterised Britain’s success in investment, people and trade and ideas from far and wide, including a competitive home market.

The CBI boss also indicated that while British business promise to stand with openness, four CBI members out of five will be voting to remain with the European Union in the coming referendum. Nonetheless, the CBI leader agreed EU needed to be more open, outward looking and competitive. These are changes that had appeared in Cameron’s speech for the CBI conference, which he had indicated he was able to deliver. The premier had also rejected the notion that the referendum he has promised, which would be on the cards if he was re-elected in 2015, had brought lots of uncertainty among British businesses. Cameron has also indicated the arguments had to be made, including changes before allowing the British people a chance to vote on the issue.

The opposition Labour Party Leader had been warning against leaving the European Union insisting that it was going to be an issue and a disaster to a point of condemning those entertaining the idea. Essentially, the Labour leader has been hoping to win more business leaders in his support for remaining within the EU, especially those who had indicated their stand in support of remaining in the EU by calling for energy market intervention and break up of some of the big banks in Britain.

Business rates system outdated

At the same time, CBI has also indicated the Government need to reform the outdated and problematic business rate system in the UK, claiming it has to be reformed to stop stifling investment. CBI insisted business rates are the main culprit in chocking investment cash off since they are disproportionally high today. There was a suggestion that future increases should be limited by increasing business rates hand in hand with the CPI (consumer prices index).

CBI has also been calling for policies that could see the country building again, especially with its full support of revived proposal to create a tunnel below Ston