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Glasgow Talks... EU Referendum – Question Time


BUSINESSES 'SHOULD BE AT THE HEART OF THE IN-OUT DEBATE'


G


lasgow Chamber of Commerce has endeavoured to give Chamber members every opportunity to hear both sides of the argument over the


pending EU Referendum. One of the most informative sessions has been the Glasgow Talks: EU Referendum – Question Time, in conjunction with the University of Glasgow, which brought together a panel of speakers at the Radisson Blu Hotel. Te event was introduced by Katy


Wedderburn of MacRoberts LLP, Chair of the Chamber’s Constitution Commitee, who emphasised the Chamber’s neutrality in the mater. Te speakers, chaired by Prof Anton


Muscatelli, Principal and Vice-Chancellor of the University of Glasgow, included Ken Symon, Editor of Scotish Business Insider; Prof Neil Rollings, Professor of Economic and Business History at the University of Glasgow; Michael Dean, Partner and Head of the EU, Competition & Regulatory Department at Maclay Murray and Spens; and Emmanuel Mourlon-Druol, Fellow in the University of Glasgow Adam Smith Business School. Prof Muscatelli highlighted his belief that


remaining in the EU is crucial for the UK. His personal stance is not solely based on economic and higher education grounds, but also on his own experience of being born in


Italy, and the EU values such as the promotion of peaceful intercultural exchange. He then assessed the macroeconomic


implications of a Brexit, saying the cost of EU membership, with the UK a net contributor to the EU budget paying £139 per capita annually, is not evenly spread among the UK’s nations. For Scotland, net contribution is approximately even and Northern Ireland and Wales are net beneficiaries. Only England is a net contributor. Prof Muscatelli said if the UK chooses to leave and agreed to maintain relations, as Norway does as a non-EU member, the UK would still need to pay into the EU budget. Norway’s net contribution is around £107 per capita annually. Over half of the £1 trillion of the UK’s


foreign direct investment stock comes from the EU, he said. Membership of the EU has significantly reduced trading costs with EU countries and that the UK generally maintains a trade deficit with the EU. Ken Symon took on the task of making a


case for the Leave Campaign, even though, as he conceded, he was personally in favour of remaining in the EU. He highlighted the need for EU reform, but raised doubts about the EU’s capability of doing so as its sheer size of 28-member states makes reforms cumbersome, complex and lengthy. Prof Neil Rollings spoke on an information


deficit in the campaign and stated that businesses appear reluctant to take a position for either side. However, businesses should be at the heart of the debate since businesses are one of the few social groups that can give tangible examples of what it means to be a part of the EU’s Single Market. He quoted a study by OpenEurope, which estimates that the 100 most burdensome EU regulations cost the UK £33 billion per year, and that Norway is subject to 93 of these regulations. Michael Dean, who gave an insight into the


implications of a potential Brexit for competition law, said the EU sets out strict rules with regard to state aid and public procurement – rules which have been criticised by the Scotish Government for preventing the financial support of the public sector. Britain would still be subject to World


Trade Organisation (WTO) anti-subsidies and procurement rules which are similar to the rules stipulated by the EU. Emmanuel Mourlon-Druol, who


emphasised that the UK could, if it leſt the EU, lose significantly in influence with regards to European financial services regulation. He highlighted the uncertainty which could follow a Brexit, since negotiations of an alternative arrangement of the UK’s EU relations are likely to be time-consuming and the outcome uncertain.


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