Tuesday, May 17, 2016

A letter from more than 300 business leaders was published on Sunday in The Telegraph in support of the United Kingdom (UK) voting to leave the European Union (EU) in the EU referendum next month.

The signators, writing in a personal capacity, are connected with businesses of small to medium size. This is in contrast to multiple, high-profile, supporters of Britain Stronger in Europe, the official campaign to stay in Europe. This support has included financial donations from companies such as JPMorgan Chase and Citigroup. Those supporting a vote to leave the EU have previously claimed the campaign to remain is only supported by big business.

The Telegraph suggested the letter would be interpreted as a response to last week’s warnings from the International Monetary Fund and Bank of England that voting to leave the EU would have negative consequences for Britain’s economy. These institutions warned that the UK leaving the EU would increase uncertainty as new trade agreements were negotiated, and cause a fall in the value of the pound sterling. One of the signatories, Lord Farmer, has also stated the EU will still want to trade with the UK, and has “no reason to put up barriers.”

The letter’s publishing coincides with that of research from Vote Leave stating UK exports to the EU have performed worse over the last fifteen years than any other EU country. Vote Leave argue this shows “the ‘single market’ has failed British exporters”.