ADS responds to Treasury analysis of short-term economic impact of leaving EU
The trade body representing the UK's aerospace, defence, security and space sectors, ADS Group, has responded to HM Treasury's analysis of of the short-term economic impact of leaving the EU.
Paul Everitt (right) CEO of ADS Group said: “Today, the Treasury has been clear: leaving the EU brings significant economic risk. For Aerospace companies, the Referendum comes at a time when they face tough international competition and leaving the EU could put their ability compete and grow globally at risk.
“The Treasury’s analysis highlights a recent ADS survey which showed that 76%of aerospace companies believe it would be better for their businesses for the UK to remain part of the EU.
“Independent analysis of our sectors’ views showed that their businesses benefit from access to fully integrated, pan-European supply chains that currently operate with unfettered access to the single market.
“Collectively the industries represented by ADS – aerospace, defence, security and space - turnover £65bn annually and directly employ 340,000 people, with our survey showing that 82 per cent of Members export to the EU.
“The UK’s high-value manufacturing industries value the stability and certainty that remaining part of the EU brings for growth, jobs, skills and exports.”