ABI points out EU membership benefits for financial services

The Association of British Insurers, (ABI), a major trade body for financial services providers in the UK has set out its position on the EU referendum.

The ABI director general, Huw Evans, welcomed the reform package secured to protect the interests of non-Eurozone countries. Evans commented: “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 that the industry contributes to this debate.”

Evans added: “The UK economy benefits from membership of the EU single market and being part of the world’s largest trading bloc. Membership guarantees the right to do business with 27 other countries on an equal footing. The UK gains from this arrangement; we sell £21 billion more in insurance and 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 major influence in shaping the rules of the EU. And as the undisputed financial service centre of the UK, the whole of the UK is able to benefit from the jobs, tax revenue and economic prosperity this position brings.”