The leave camp: could Brexit generate growth?
The Telegraph recently reported that over 300 top Business leaders backed Brexit, with a view to removing European Union red tape, supporting the creation of more jobs. Some of the people on this list included Peter Goldstein, a founder of Superdrug, Steve Dowdle, the former vice president Europe of technology firm Sony, David Sismey and Sir Patrick Sheehy, the former chairman of British American Tobacco.
The Economist also stated that Britain could do very well on its own. By not being part of the EU, Britain could abolish legislative red tape, like the Agency Worker Directive which gives temporary staff the same rights as permanent. This could be a huge benefit to businesses by reducing costs. In 2015, the Recruitment and Employment Confederation reported the market for temporary recruitment was worth about £28.5 billion. On any given day, it was reported that a consultant working within the temporary or contract market was trying to help 32 people find a new position. From a business perspective this removal of added red tape would allow for big cost savings for firms employing temporary workers.
Sam Bowman from the Adam Smith Institute also reported that the cost savings from not being part of the EU could be invested by the government in other areas, such as the NHS. This investment could create more jobs within the public sector stimulating further economic growth.