Boris Says U.K. should not fear EU Exit

London Mayor, Boris Johnson, said the UK could prosper outside of the European Union and should not be afraid of “aiming for an alternative future” if plans to reform the country’s relations with the European Union fail.

Speaking at Bloomberg’s European headquarters in London, Johnson stated that the best option for Britain, would be to stay within a “reformed” EU, should David Cameron succeed to win the battle for sufficient changes to the way it functions. He added however, that if we can’t, we have nothing to be afraid of if we were to exit the EU.

David Cameron has pledged a referendum on membership by the end of 2017 and Johnson stated that it is crucial to understand that if we can’t get that reform, then the second option is also attractive.

London’s economy is set to grow by an average 2.75% a year in a reformed EU or by 2.5% in a managed exit with the UK remaining open to the 27-nations of the EU and the rest of the world. This, according to a report published today by Johnson’s economic adviser, Gerard Lyons. The report, aptly named ‘The Europe Report: A Win-Win Situation’, suggests a less formal relationship with the EU could improve trade with the rest of the world by 1.1% by cutting bureaucracy and restrictions on commerce.

A 2013 survey by TheCityUK, found that 84% of finance industry leaders want the UK to remain a member of the EU. However, the UK would seek a “generous exit” that would allow for it to maintain the free-trade advantages of membership according to Johnson. He added that fewer regulations, along with new trade agreements with partners such as China, Brazil, Russia, Australia and India, would spur growth.