The decision by ratings agency Standard and Poor's to cut the outlook for the UK economy to "negative" from "stable" shows just how damaging an exit from the EU could be, say pro-European businesses.

Business for New Europe's campaign director Lucy Thomas said: 

"This is a clear signal of how damaging it would be were Britain to leave the EU. Standard and Poor's are clear that this would risk growth prospects not only for financial services and export sectors, but the wider economy too.' 

"Why would we want to gamble with the future of our country when the damage could be so long-lasting and significant? Those who want us to walk away are fixated on an ideological mission, when the sensible and reasonable choice is to stay in and do what is best for Britain's future." 

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