29/06/12 

Commenting on the deal struck by eurozone leaders in Brussels overnight, John Longworth, Director General of the British Chambers of Commerce, said:

“British businesses, and exporters in particular, say the eurozone crisis is one of the greatest sources of uncertainty they currently face.

“As the political summits drag on, the sense of frustration, concern and exasperation continues to mount across the real economy. Companies across Britain and Europe are tired of false dawns. Though there is still more work to be done over the coming weeks, the deal done last night in Brussels needs to stick. Confidence is the lifeblood of the European economy, and decisive action is needed to stabilise it, and quickly.

“Meanwhile, the UK government must ensure that British companies get improved access to finance from the European Investment Bank in return for the contribution our Exchequer is making to the new all-EU growth package. Tough conditions are required to ensure that the UK, as a major shareholder in the Bank, sees a far greater share of its resulting investment. Otherwise we will have added needlessly to our national debt without any real benefit to our own recovery.”

Ends

Notes to editors:

The British Chambers of Commerce (BCC) is the national voice of local business.

The BCC sits at the heart of a powerful nationwide network of Accredited Chambers of Commerce, serving over 100,000 businesses across the UK, which employ over five million people. For more information visit: www.britishchambers.org.uk

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Lisa Morrison
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l.morrison@britishchambers.org.uk