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"A
vote to leave Europe represents a risky bet on the country’s
economic future," the former U.S. Treasury secretaries said in
an open letter to The Times newspaper.
The letter was signed by Timothy Geithner, Henry Paulson, John
Snow, Paul O’Neill, Lawrence Summers, Robert Rubin, Michael
Blumenthal and George Shultz. Their warning comes before a visit
by U.S. President Barack Obama to visit Britain.
"Brexit could call into question London’s role as a global
financial center. For many financial institutions, London has
served as the financial springboard into Europe," the former
Treasury secretaries said.
"A UK turned inward and less engaged in Europe is less able to
lead on the critical challenges Europe faces."
A Brexit would disrupt trade and attempts to renegotiate
agreements would be difficult, they said.
"The uncertainty surrounding Brexit already appears to be acting
as a drag on investment and market sentiment, and a vote to
leave could introduce an extended period of uncertainty that
could hinder growth even further," they said.
"The better alternative seems to us to work for progress within
the confines of EU membership, without incurring the significant
economic risk of Brexit: a smaller, slower-growing British
economy for years to come," they said.
(Reporting by Sarah Young; editing by Guy Faulconbridge, Larry
King)
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