London determined to keep UK in single market

Leaders of London’s Assembly, including the mayor, will be pushing for the UK to remain in the single market to ensure jobs and growth for the country’s capital.

Speaking at the European Committee of the Regions Summit in Bratislava, the Deputy Chair of London’s Assembly, Jennette Arnold, said that the EU referendum result was “deeply disappointing” and pointed out that 60 percent of London voted to remain–”the only English region to do so”.

“But the result must be respected and the mayor will be pushing the government to ensure that [the single market] is the cornerstone of the negotiations with the EU,” she said.

Arnold told delegates that the mayor is calling for “swift and substantial” devolution to London, to help London’s government protect the capital and its residents from the effects of economic uncertainty–including those from the EU.

“Please be assured that we will continue to look outwards and trade and engage with the entire world–including the European Union,” she added.

Although hesitant to mention “the B word” for fear of overshadowing the summit, the Committee of the Regions–the EU’s assembly of local and regional governments–did release a statement on Brexit. It reads that Europe is in a crucial phase and that the Committee should turn this into an opportunity to reform, to rebuild trust and hope.

“Regional and local authorities have the knowledge and the capacity to respond to these challenges,” the statement reads. “But they need to rely on a stable EU budget since they manage a large part of it via structural and investment funds.”

Bratislava declaration

Under the summit’s theme of “invest and connect”, the Bratislava declaration was released. It calls on the EU to improve regulation and attract greater private-public investment to create more jobs and tackle the investment gap.

“If we are to restore faith in the EU, we must demonstrate how joint EU operations benefit citizens’ daily lives,” said Markku Markkula, President of the European Committee of the Regions. “Citizens demand results, which is why investment–in people, places and ideas–must start locally. Around 60 percent of public investments within the EU are made by local and regional authorities. We must spread a new and innovative entrepreneurial mind-set across Europe.”

The recommendations adopted by the Committee come during its mid-term review of both the EU’s 2014-20 budget and its Cohesion Policy beyond 2020, a policy intended to even out regional differences. A report recently published by the OECD found that many of Europe’s regions and cities have seen public investment drop substantially since 2008.

The declaration praises the European Fund for Strategic Investments (EFSI) set up last year, saying that it is “showing great potential”. It calls for the fund to be combined with the EU’s Cohesion Policy to ensure other regions also benefit from the fund, which uses public investment to leverage private investment.