Buried under the not-so-shocking announcement that Boris Johnson will be standing as a member of parliament in 2015 lay a slightly more significant policy announcement by London’s mayor yesterday.

Reluctantly, and with the caveat that he continues to be a staunch Eurosceptic, his Europe report draws the conclusion that London is far better off in a reformed European Union than it would be going it alone.

The strapline of the report, that leaving or staying in is a ‘win-win situation’, fails to do justice to the report’s real conclusion: that leaving could do serious damage to London’s interests.

The only scenario in the report in which there is a ‘win’ associated with ‘Brexit’ is utterly implausible. It does not only depend on an unreformed EU but also on Britain negotiating perfectly amicable and advantageous exit conditions with our partners. Only in this doubly improbable situation could leaving be marginally advantageous for London.

But if we get negotiations wrong, the report notes, the City could lose 1.2 million jobs from leaving the EU. Such a scenario is risky at best.

Compare this with a situation in which our membership of a reformed EU would double London’s economy to £640bn and provide a further one million jobs in 20 years’ time and Johnson’s ‘win-win’ begins to look slightly more like ‘win-lose’.

The report’s fourth scenario sees Britain gain, but marginally less so, by a relationship with a totally unreformed EU. Unbeknown to Johnson until yesterday morning, this depiction is already somewhat passé.

As British Influence’s director, Peter Wilding, reminded Johnson in the Q&A that followed Johnson’s speech, the status quo is no longer an option. At the end of June all 28 EU member states signed up to a far-reaching agenda for reform over the next five years. Economic reform, an end to ‘ever-closer union’ and the completion of the single market are all now part of the EU’s mandate.

Much to Johnson’s apparent bewilderment, seven of the eight reforms his new report proposes are already on this agenda. His report therefore looks more like an endorsement of the EU’s current agenda than the sceptical clarion call he claimed to be issuing, questioning whether the necessary changes would be possible, let alone palatable to other member states.

But even discounting the recent reforms agreed, and despite Johnson playing up the much-touted EU red tape throughout his address, the report concludes that the vast majority of industries are at either medium or high risk if the United Kingdom were to withdraw from the single market and that there would be very little regulatory gains since ‘many regulations are enshrined in UK law and because there would be a need for regulations anyway from a UK perspective’.

Thus, Boris Johnson unwittingly unveiled a comprehensive study of the benefits of EU membership masquerading as a pragmatically Eurosceptic report. This is somewhat fitting for the launch of his election campaign, as noted by the Financial Times’ recent analysis that Euroscepticism is seemingly one of the key criteria for being a Conservative candidate in next year’s election.

Waking up to the change that is already happening in the EU remains the biggest barrier when trying to tackle the information deficit that continues to plague the UK-EU debate. A serious discussion about what remains an essential and progressive vehicle for prosperity, jobs and securing Britain’s role in the world might just bring us closer to a more legitimate relationship with the EU.

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Rachel Franklin is research and campaign manager at British Influence. Find out more about the campaign to keep Britain in the EU here or follow the campaign on Twitter @britinfluence.

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