Lloyds bank chairman Lord Blackwell signals at backing British exit from the EU

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http://www.dailymail.co.uk/news/arti...-chairman.html

European Union must change or there is no 'compelling economic argument' to stay, warns Lloyds bank chairman

• Lord Blackwell said the UK would always be attractive place to do business
• Calls for 'significant change in the current arrangements' in Brussels
• Was speaking in a personal capacity but remarks will boost Out campaign
• Lord Lawson (former Chancellor) suggests Cameron is on a 'fishing expedition' for reforms
• PM could delay revealing his demands until March next year, sources say

Lord Blackwell, current Chairman of Lloyds Bank

There are no 'compelling economic arguments' for Britain to stay in the EU without 'significant' reform, the chairman of Lloyds Bank has warned. Lord Blackwell, who is a Tory peer, said the UK would remain an attractive global location whether or not it votes to leave. The suggestion from such a senior figure in the finance industry that voters should consider 'Brexit' will be seen as a huge boost to the 'Out' campaign.

Speaking in the same parliamentary debate, Lord Lawson cast doubt on whether the Prime Minister would be able to get enough powers back from the EU to persuade the public to vote to stay. The former chancellor said David Cameron had gone on a 'fishing expedition' in Europe to claw back powers but was likely to come back with little more than tiddlers. Earlier this week, the chairman of the 'In' campaign, former Marks & Spencer chief Lord Rose, claimed Britain leaving the EU would cost three million jobs and leave every family £3,000 a year worse off.

But Lord Blackwell, a former adviser to both John Major and Margaret Thatcher, said: 'I don't agree that remaining in the European Union without a significant change in the current arrangements is ultimately sustainable from a political and constitutional perspective. 'Nor do I believe there is a compelling economic argument to overcome those reasons.'

Lord Blackwell added: 'Of course under any outcome it would be simplest to stay in the single market if we can do so while protecting the global competitiveness of the City of London and other key sectors from unwelcome regulation. 'However, whatever the nature of our relationship that emerges, it is clearly in the interests of both UK and European business to maintain a trade arrangement.

'So the long-run impact of a change in our position will depend upon whether any attempts to create trade barriers are offset by the potential benefits from being free to develop a less regulated and potentially globally competitive UK economy.

'There are voices on both sides of that argument, but in the end our global competitiveness in markets outside the European Union must be a primary concern.' The peer made clear he was speaking in a personal capacity, but added: 'While uncertainty may mean some business investment is held back in the short term, there are many reasons why the UK are likely to remain an attractive global location whatever the outcome.'

Lord Lawson, former British Chancellor of the Exechequer

Tory former chancellor Lord Lawson of Blaby made a passionate plea for Britain to abandon the EU project and 'embrace a global future'. Lord Lawson warned: 'I have no doubt that overall the EU economically does more harm than good.'

He dismissed as 'tosh' suggestions that by leaving the EU the UK would still be bound by EU regulations but no longer have influence on them. Insisting that the UK would be able to negotiate a free trade agreement with the EU, Lord Lawson said: 'Let's not be afraid. We will have a whole lot of scare stories. Let's not be little Europeans. Let our horizon be global. 'Future growth of the world economy is going to happen much more outside Europe.

'The time has come to rediscover our national self-confidence, to abandon a political project which we don't share and embrace a global future.'

Even if you want to stay in the Single Market you haven't got to be in the political union of the EU to be in it.

One of the reasons I desperately want an exit in the next few years is that at the moment there's a crossroads in the global economy with so many Commonwealth economies growing at an amazing pace. Whilst we will leave the EU (purely by the path it is on) I would rather leave now and secure free trade agreements now whilst we're in a stronger position rather than have to secure them anyway on less favourable terms in say 2030.

The 'In' side are going to try scaremongering on a massive scale but think about it: we only joined in the 1970s, there was life before the EU.

Thoughts?