‘EU out vote could cost jobs’

Hundreds of jobs across the county could be lost if Britain votes to leave the European Union.

The stark warning comes from Oxfordshire’s Chamber of Commerce as business waits to hear when the public vote to leave or stay in Europe will take place.

Chairman Peter Smith described Britain’s possible exit from Europe, known as a Brexit, as “uncharted territory” that could lead to “economic uncertainty with a potential risk to jobs”.

He said: “One main area of concern would be if there was a reduction of European headquarters located in the UK and especially the Thames Valley region.

“This could happen if firms contemplated scaling back in the UK in the event of a Brexit, for example in the automotive industry or financial services.”

He added: “It is also possible that firms planning to move into Oxfordshire could delay decisions during a period of uncertainty.

“This would result in fewer jobs, less tax to the Treasury and a drop in local business rates, as many companies locate here for access to the EU market place. Oxfordshire’s inward investment efforts could arguably be severely reduced.”

Mr Smith is one of a number of local business leaders and politicians speaking out ahead of the forthcoming EU referendum.

Prime Minister and Witney MP David Cameron has promised an in-out vote before the end of 2017.

But limitations on national voting dates mean experts believe it will take place in the next 11 months and possibly as soon as next summer.

Next Thursday, five pro-EU business leaders and politicians will gather at the Said Business School to discuss how a Brexit would negatively impact jobs, business and the economy in Oxfordshire.

The panel includes Liberal Democrat MEP for the county Catherine Bearder, UK European Movement’s Brussels Council and National Council and the European League for Economic Co-operation member Graham Bishop and Antony David, chief executive of tech firm Solid State Logic.

They will be joined by managing director of West Oxfordshire-based Ketonex and former chairman of the Oxfordshire Local Enterprise Partnership Dr Martin Dare-Edwards plus entrepreneur Dinesh Dhamija, best known as the founder of online travel agency Ebookers.

Former Liberal Democrat Parliamentary candidate Layla Moran is the chairwoman.

Begbroke-based Solid State Logic is a major exporter, with overseas sales of its digital mixing consoles and recording suite equipment accounting for 92 per cent of output.

Although its biggest market is the US, accounting for almost half of total sales, the EU makes up more than a quarter.

Mr David said: “Oxford is such an international place and so cosmopolitan in terms of activity and that ability to attract the outside world in is crucial to the county. Being in a bigger pond is inherently a better thing for businesses and jobs and the demand that will be created by investment.”

The firm has a 40-strong research and development department, which includes two Spaniards, one German, one Maltese and a Lithuanian.

Mr David added: “They are all from the EU and all graduates with specific skills we need. We depend on people like this.

“If I wanted to recruit Japanese, or from the US, I would have lots of hoops to jump through but we have access to five million people and lots of skills because of free movement of people throughout Europe.

“It’s very difficult to imagine life outside the EU.”

Being part of Europe means Oxfordshire’s economy receives significant amounts of cash.

The county has been allocated £16.5m of European Structural and Investment Funds for the period from 2014 to 2020.

And during the past five years, Oxford University has received millions of Euros to boost science and technology research projects.

Dr Dare-Edwards said it was not necessarily cash but collaboration which is the most valuable part of our membership of the EU.

European countries represent the biggest market for firms on Oxfordshire’s science parks. He said: “I would say 75 to 80 per cent of those businesses have Europe as their primary outward market.

“There is 100 times more business being done in the Eurozone than in China and the rest of the world.”

He warned there would be a “huge downfall for the high-tech automotive engineering sector in the UK if we were to withdraw from the EU”, pointing out much of the technology on the F1 grid contains technology based in Oxfordshire.

He added: “ It’s entirely clear that a number of these businesses would choose to migrate their businesses to other parts of Europe.”