Economic benefits
- 3.5 million jobs in the UK are linked, directly and indirectly, to the export of goods and services to the EU. The estimated employment gains from the single market amount to 1.4% of total employment in the EU in 2006 – equivalent to 2.75 million jobs.
- 57% of total British trade is with the EU. British companies exported approximately £150 billion worth of goods to the EU27 in 2006 – 62% of total exports, and a rise of 24% compared to 2005.
- With more than 490 million citizens, the EU is the largest multi-lateral trading bloc in the world, accounting for 20% of world trade.
- Economic analysts estimate that the recently agreed Services Directive could be worth approximately £5 billion annually to the UK economy, and could deliver around 600,000 new jobs. Approximately 70% of UK employment is in services.
- British Nationals made 53 million visits to the rest of Europe in 2006 – a 50% rise since 1998. 5% - that’s 2.2 million – British Nationals now own property overseas. 4% are elsewhere in Europe.
- Abolition of customs duties already saves British businesses an estimated £135 million a year.
- Each year, well over one million EU citizens of all ages benefit from EU-funded educational, vocational and citizenship-building programmes. The EU funds initiatives in the member states, for educational establishments and for students via a Lifelong Learning Programme. More than €7 billion has been allocated to this programme for 2007-2013.
- The Commission estimates that business and consumers could save up to £19 billion a year from the cost of cross-border transactions once the Payments Service Directive is implemented.
- Full liberalisation of the ‘network’ industries in the EU (eg telecommunications, air travel) could increase prosperity by a further 1.3-1.7% of GDP – up to €95 billion – and increase employment by between 140,000 and 360,000 jobs.
- EU leaders agreed at the 2007 European Spring Council to cut administrative burdens arising from EU legislation by 25% by 2012. This could be worth £150 million in efficiency savings.