The CBI has responded to the deal, which Prime Minister Cameron secured, and the announcement that the UK will have a referendum.

The CBI has responded to the deal, which Prime Minister Cameron secured, and the announcement that the UK will have a referendum.

After the Prime Minister secured a new deal for the UK in the EU on Friday, it has sparked fearce debate over the future of the UK and what it holds for businesses.

The reforms are wide ranging and cover subjects such as migration, protections for the City of London and exemption from the UK being involved in talks of an "ever closer union."

The Prime Minister also agreed new safeguards for non-Eurozone countries against discrimination from trading in the single currency area.

Crop - Carolyn Fairbairn, Director General, CBI
Carolyn Fairbairn, director general, CBI.

CBI Director-General, Carolyn Fairbairn commented: "UK businesses want to see changes to the EU that will put Europe on the path to a more competitive and prosperous future - the Prime Minister's reform package looks to be a major step forward on that journey.

"Being part of the Single Market guarantees businesses tariff-free access to 500 million consumers in Europe and is a cornerstone of the UK's economic success.

"These reforms protect the UK's place and influence inside this important market and a renewed focus on EU competitiveness will help British firms succeed in creating jobs and economic growth at home in the years ahead. Firms will particularly welcome a commitment to reduce unnecessary regulation.

"Most CBI members - though not all - have told us that being in a reformed EU is better for jobs, growth and prosperity. With a final deal now in place, we will consult our members to ask for their views once again."

Source: The Manufacturer

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