General Insurance Article - ABI statement on the EU referendum

Following the conclusion of the European Council today the ABI is setting out its position on the forthcoming the EU referendum.

 Huw Evans, Director General of the ABI said: “The ABI welcomes the reform package and, in particular, the safeguards the PM has negotiated to protect the interests of non-Eurozone countries. This deal is valuable for the financial services sector.
 “Whether to remain in a reformed European Union is a vital issue for this country and as the largest insurance and long-term savings market in the EU and a major employer and tax provider, it is important the industry contributes to the debate.
 “The UK economy benefits from membership of the EU single market and being part of the world's largest trading block. Membership guarantees the right to do business in 27 other countries on an equal footing. The UK gains from this arrangement; we sell £21billion more in insurance & long-term savings products to the rest of the EU than they sell to us.
 “As a global insurance centre of excellence, the UK has a major influence in shaping the rules of the EU. And as the undisputed financial services centre of the EU, the whole of the UK is able to benefit from the jobs, tax revenue and economic prosperity this position brings.”

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