Boris Johnson set to endorse report backing Britain's exit from EU

Report by chief economic adviser Gerard Lyons says EU exit could be best option for London

Leaving the European Union would be better for London than staying in it without reform, a report commissioned by Mayor of London Boris Johnson has concluded.

Mr Johnson is expected to give his backing to the study, carried out by his chief economic advisor Gerard Lyons, in a speech on Wednesday.

Speaking to the Sunday Telegraph, Mr Lyons said exiting the EU was a “viable option” for Britain and warned “meaningful” reform could only be achieved if the UK was “serious about leaving”.

He said: “The best economic scenario for Britain over the next 20 years is to be in a significantly reformed European Union.

"But if, as an alternative, the UK leaves the EU on good terms, while adopting sensible outward-looking trading policies, that comes a very close second.“

Boris Johnson's backing of the report is likely to place more pressure on the Prime Minister to show willing to leave the EU if negotiations fail to achieve reform Boris Johnson's backing of the report is likely to place more pressure on the Prime Minister to show willing to leave the EU if negotiations fail to achieve reform
According to the Telegraph, the Lyons report predicts London’s GDP of £350 billion will grow to £640 billion by 2034 if EU reforms boost trade with growing markets in the rest of the world.

But, growth up to £614 billion would still be achieved by the capital if Britain quit the EU to pursue its own outward-looking trade policies, the report concluded.

Staying in an unreformed EU would see London’s GDP grow to just £495 billion over the same 20 year period, while leaving the EU but failing to adopt trade-friendly policies would limit growth to just £430 billion.

The report lays out a list of eight demands for reform, which go beyond what Prime Minister David Cameron has publicly set out.

Read more
Boris Johnson's war on diesel
Tougher benefits rules for EU migrants: New arrivals will lose payments after just three months
David Cameron hints at plans to raise the 40p tax threshold

The Sunday Times quoted an unnamed source close to the Mayor as saying Mr Johnson “favours a renegotiation” in which Britain stays in the common market.

Mr Cameron, who has promised an in/out referendum on Britain’s EU membership in 2017, has said he hopes to be able to recommend voters opt to stay in the EU following planned renegotiations.

It is expected the mayor’s comments will increase pressure on the Prime Minister to indicate his readiness to exit the union if renegotiations fail to deliver reform.

Additional reporting by Press Association.

Start your day with The Independent, sign up for daily news emails
Have you tried new the Independent Digital Edition apps?
News
ebooksAn unforgettable anthology of contemporary reportage
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Digital Communications Manager

£25000 per annum: Recruitment Genius: A 6-month part-time contract (24 hours a...

Recruitment Genius: Trainee Vehicle Inspectors / Purchasers

£20000 - £40000 per annum: Recruitment Genius: Trainee Vehicle Inspectors / Pu...

Recruitment Genius: Trainee Vehicle Broker

£12000 - £18000 per annum: Recruitment Genius: A Trainee Vehicle Broker is req...

Recruitment Genius: Customer Service / Data Capture / Telesales

£12000 - £18000 per annum: Recruitment Genius: This is an exciting opportunity...

Day In a Page

Sepp Blatter resignation: The beginning of Fifa's long road to reform?

Does Blatter's departure mean Fifa will automatically clean up its act?

Don't bet on it, says Tom Peck
Charles Kennedy: The baby of the House who grew into a Lib Dem giant

The baby of the House who grew into a Lib Dem giant

Charles Kennedy was consistently a man of the centre-left, dedicated to social justice, but was also a champion of liberty and an opponent of the nanny-state, says Baroness Williams
Syria civil war: The harrowing testament of a five-year-old victim of this endless conflict

The harrowing testament of a five-year-old victim of Syria's endless civil war

Sahar Qanbar lost her mother and brother as civilians and government soldiers fought side by side after being surrounded by brutal Islamist fighters. Robert Fisk visited her
The future of songwriting: How streaming is changing everything we know about making music

The future of songwriting

How streaming is changing everything we know about making music
William Shemin and Henry Johnson: Jewish and black soldiers receive World War I Medal of Honor amid claims of discrimination

Recognition at long last

Jewish and black soldiers who fought in WWI finally receive medals after claims of discrimination
Beating obesity: The new pacemaker which helps over-eaters

Beating obesity

The new pacemaker which helps over-eaters
9 best women's festival waterproofs

Ready for rain: 9 best women's festival waterproofs

These are the macs to keep your denim dry and your hair frizz-free(ish)
Cycling World Hour Record: Nervous Sir Bradley Wiggins ready for pain as he prepares to go distance

Wiggins worried

Nervous Sir Bradley ready for pain as he prepares to attempt cycling's World Hour Record
Liverpool close in on Milner signing

Liverpool close in on Milner signing

Reds baulk at Christian Benteke £32.5m release clause
On your feet! Spending at least two hours a day standing reduces the risk of heart attacks, cancer and diabetes, according to new research

On your feet!

Spending half the day standing 'reduces risk of heart attacks and cancer'
With scores of surgeries closing, what hope is there for the David Cameron's promise of 5,000 more GPs and a 24/7 NHS?

The big NHS question

Why are there so few new GPs when so many want to study medicine?
Big knickers are back: Thongs ain't what they used to be

Thongs ain't what they used to be

Big knickers are back
Thurston Moore interview

Thurston Moore interview

On living in London, Sonic Youth and musical memoirs
In full bloom

In full bloom

Floral print womenswear
From leading man to Elephant Man, Bradley Cooper is terrific

From leading man to Elephant Man

Bradley Cooper is terrific