Pat McFadden MP, Labour’s Shadow Europe Minister, responding to the comments from the Chairman of Standard Life, Sir Gerry Grimstone, said:

“The warning from Sir Gerry Grimstone today about the costs to Britain of walking away from the European Union is a reminder of what is at stake in this General Election.

“A Tory Government could take Britain out of Europe within 24 months of polling day and would mark a point of no return for Britain’s relations with the EU, putting jobs and investment in the UK at risk.

“While David Cameron has spent the past five years isolating Britain from our allies in Europe, his potential successors have been trying to outbid one another for the Tory eurosceptic crown.

“Britain can’t afford another five years of the Conservative’s damaging approach to Europe. That’s why an incoming Labour will review, repair and reset relations with Europe upon entering office. This isn’t just about a sense of European solidarity, it’s also about Britain’s national interest. Our place at Europe’s top table has made the UK stronger, more secure, and more prosperous.”