Industry ‘hit by uncertainty over Europe’

Engineering giant GKN’s chief executive, Nigel Stein, spoke of the importance of the European Union to British industry.

He told the national conference of the EEF manufacturers organisation: “The prospect of the UK talking itself into an exit would be deeply harmful to our industry.

“Much of the output from our car plants goes to the EU. Competition for investment is intense.

“Uncertainty over the UK’s position in Europe is being used against us by our competitors.

“If we don’t like some aspects of the EU, let us try to change them from within – and not in a British, gold-plated way.

“Make Europe work for us – don’t walk away from it.”

Mr Stein said an independent Scotland would not make any difference to GKN, although he warned that any uncertainty was bad for businesses.

He told the London conference that the Government was not helping industry by constantly bringing out new policies and reports, which “diverted” resources.

“Sometimes the best policy is not to take any action. As Ronald Reagan used to say – don’t do something, just stand there.”

EEF chief executive Terry Scuoler said Britain must continue to play a key role in Europe. Around 85 per cent of EEF members strongly supported continued membership of the EU, he added.