CBI welcomes Single Market Strategy

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Delivery of a single European market has been welcomed by the CBI

The Confederation of British Industry (CBI) has welcomed the publication of the new Single Market Strategy by the European Commission.

Highlighting the benefits to British businesses - in particular small to medium-sized enterprises (SMEs) - as well as accompanying advantages for Europe as a whole, the CBI believes the UK can play a leading role in making this strategy a success for all parties.

Overall, more than 5,000 professions are currently regulated within the EU and the introduction of EU-wide regulation would enable synergies and benefits that could benefit both businesses and individuals in the years ahead.

With this in mind, the UK has been highlighted as having the potential to be a chief contributor to making the Commission's proposals a success, given the country's position as a vital source of innovation and jobs.

In addition, the UK's burgeoning digital and knowledge-driven economy represents a perfect fit in terms of bolstering support for start-up businesses - something the Commission is extremely keen to witness in the years ahead.

Responding to the new strategy, a statement released by the CBI read: "The CBI has been in close contact with the European Commission, MEPs and various other stakeholders throughout the consultation process in the run-up to the strategy's release.

"We aim to continue our engagement with EU, as well as UK policymakers, to unlock the single market's benefits for British citizens and businesses."

Looking forward, it is now hoped that a 'European Pact' for start-ups and SMEs can be delivered in the near future, making it easier to create new businesses not just in the UK, but across the whole of the EU.