Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.

UK Politics

Eurozone isolation could 'risk 3m jobs'


Three million jobs could be at risk if Britain does not stay at the heart of Europe, leading businessmen suggested today.

In a letter to the Telegraph, a group of 20 businessmen urged the Government to seize opportunities to "re-engage in the decision-making process" in the European Union, arguing that Europe's future was vital to Britain's economic interests.

Signatories include Virgin boss Sir Richard Branson, British Telecom chairman Sir Mike Rake, and Sir Martin Sorrell, chief executive of advertising group WPP.

Their intervention comes 10 days after David Cameron vetoed EU treaty reforms.

They write: "The Government estimates that three million British jobs rely on exports to our European partners.

"The EU's institutions, from the commission to the European Court of Justice, exist mainly to safeguard the single market's level playing field.

"Protecting the single market has to be the bedrock of our re-engagement with Europe."

The wealth creators also argue that it is in Britain's interest for the Euro to survive, and that the EU's single market is "of great importance" to the UK.

"It accounts for over half our trade, but we must deepen and widen it, and push for reform in services, telecoms, the digital arena and energy," the businessmen added.

Among the other signatories are Roland Rudd, the chairman of Business for New Europe, former EU trade commissioner Lord Brittan, and Sir Stephen Wall, Tony Blair's former adviser on Europe.

European countries yesterday agreed to provide 150 billion euros (£125 billion) to the International Monetary Fund (IMF).

But Britain's decision not to take part in a scheme to support the struggling eurozone meant EU finance ministers failed to reach their target of 200 billion euros.

Britain has made clear that it will not be part of any effort intended specifically for the eurozone, but is ready to consider participating in a global effort to boost IMF resources at a meeting of the G20 group of major economies in Mexico in January.

A Treasury spokesman said: "The UK has always been willing to consider further resources for the IMF, but for its global role and as part of a global agreement."