EU Referendum


Brexit: refreshing the FUD


22/09/2014



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The torrent of FUD in the Scottish referendum from business enterprises is now having unwelcome repercussions on the EU referendum prospects.

Fortified by the apparent success of his own efforts and those of his business colleagues in turning the tide of independence movement, Sir Mike Rake chairman of BT and president of the Confederation of British Industry, now feels similar interference on the EU issue is legitimised.

With the Scottish referendum out of the way, EU membership is now Rake's biggest concern as a businessman and as the CBI's president, and - he says - the effect that withdrawing from the single market would have on British industry and jobs.

"Our biggest concern on the EU is that many members of Parliament are considering committing to vote to come out whatever happens. Business would see that as extremely irresponsible", he says, telling us that business should make its views known on the political issues of the day.

When it comes to how we are governed, this is crossing the line. Business is perfectly entitled to express its views on matters which affect it, but it has no business interfering in matters where its interests are not at stake.

The point here, of course, that leaving the EU does not necessarily involve or require withdrawal from the single market. In arguing that we should stay in the EU, Rake is propagandising about how we should be governed, which is not the business of business.

To an extent, that was the same issue in the Scottish referendum. In that case, business intervention achieved the "right" result, but it looks as if there is a price to pay. Through this campaign, FUD has been refreshed, and legitimised. We are going to find it harder to defeat it.

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