Big companies warn against leaving European Union

Leaders of some of Britain’s biggest businesses have warned against leaving the European Union, saying it would hit the UK’s economy and put jobs under threat.

Industry leaders from such companies as BT, Marks & Spencer, ASDA, and Vodafone have given their support to a letter to The Times claiming that a ‘Brexit’ would see investment in the UK fall.

There were notable absentees from the letter, however, with Tesco, Sainsburys, Morrisons and Barclays declining to back the stay campaign.

In a statement Tesco commented: The referendum on European Union membership is a decision for the people of Britain. Whatever that decision is, our focus will continue to be on serving customers.”

Bosses of 36 FTSE 100 companies help to make up a total of 198 signatories supporting the stay campaign.

However, almost two-thirds of the biggest publically listed companies in the UK didn’t back the campaign.

The news has been used to support both stances on Britain’s future, with the government using the letter as evidence of the risks involved in an exit.

Those in favour of leaving have claimed that the number of those who failed to sign the letter show that the business is world is split on the issue and is not necessarily representive of the feelings of the UK SMEs.

The referendum on the UK future in the European Union will be held on 23 June and was announced following the Prime Minister David Cameron’s new deal with the other 27 member countries.

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