Leaving EU more risky than staying, says CBI president Paul Drechsler

Many questions about the consequences of the UK leaving the European Union remain unanswered, but Brexit poses a far greater risk than remaining, according to a business leader.

Confederation of British Industry (CBI) president Paul Drechsler is to set out why full access to the EU Single Market has benefited consumers in this country.

He will tell the Lord Mayor's Trade and Industry Dinner in London that June's vote will have consequences that stretch far beyond the life of this Parliament.

"With the campaign heating up, we're already hearing some equating the 'uncertainty of staying' with the 'uncertainty of leaving'.

"Yes, there will likely be some degree of uncertainty around future Eurozone integration but that doesn't come close to that generated by leaving. That is especially the case given the new safeguards secured by the Prime Minister.

"The potential risks surrounding the 'uncertainty of leaving' would be greater by an order of some magnitude.

"Many questions about Brexit remain unanswered. How long might the process of disengagement last? How might Brexit affect the value of sterling? What would Brexit mean for the make-up of our United Kingdom? And if we left - how long would it take to renegotiate EU trade deals from scratch? The truth is we just don't know.

"The majority of our members - though not all - have consistently told us that they want to be in a reformed EU. We're currently asking our members again for their views on the referendum."