EU benefits and costs: UKIP and Business for New Europe

Sir Richard Branson and Sir Martin Sorrell are among pro-European businessmen who have sent a letter to the Independent newspaper claiming the economic case for staying in the EU was overwhelming, and worth billions of pounds every year.

But UKIP's City spokesman Steven Woolfe claimed those benefits were "dwarfed" by costs of £130bn to £150bn each year from "regulation, direct fiscal payments or resource misallocations".

Business for New Europe director Phillip Souta, which organised the letter, said reform of the EU was needed and claimed: "We are better off in, in many, many ways indeed"

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