As part of the EU, Britain benefits from being part of the biggest single market in the world. The EU has a population of around 500 million citizens and the single market means that British businesses can import and export goods without facing trade tariffs. Almost half of the UK’s trade and foreign investment comes from the EU, supporting an estimated 3.5 million UK jobs.
European regional funding has also helped transform some of our poorest regions, while EU framework funds are helping to drive UK research and innovation, creating the high-tech jobs and industries of the future. Parts of major cities such as Manchester and Liverpool have been rebuilt with the help of European funds, providing new business premises and quality homes for local people.
It isn’t only big business that benefits from Britain’s EU membership. Small and medium-sized firms are also able to benefit from being part of the single market. These firms are able to access better supply chains and many receive funding or other forms of support from EU bodies.
Labour MEPs have recently secured lower debit and credit card fees, taken action to ensure new funding opportunities for small and medium-sized companies, as well as ensuring competition and innovation in the e-payments sector. These steps will continue to boost the UK economy and improve the consumer experience for British shoppers.