their growth, and of the essential similarity of our economies, the Governme are confident that membership of the enlarged Community will lead to much improved efficiency and productivity in British industry, with a higher rate of investment and a faster growth of real wages. The studies, mentioned earlier, made by the Confederation of British Industries show that this belief is shared by a substantial majority of British industry, whose own interests are at stake, and who are in the best position to judge. A more efficient United Kingdom industry will be more competitive not only within the enlarged Community but also in world markets generally.
57. These improvements in efficiency and competitive power should enable the United Kingdom to meet the balance of payments costs of entry over the next decade as they gradually build up. The improvement in efficiency will also result in a higher rate of growth of the economy. This will make it possible to provide for a more rapid improvement in our national standard of living as well as to pay for the costs of entry. For example, if a rate of growth of national income a per cent higher were to be achieved as a result of membership, by the end of a period of five years our national income would be some £1,100 million higher in the fifth year.
Conclusion
58. Her Majesty's Government have now carefully considered the outcome of the negotiations and the arrangements which have been agreed to resolve the problems identified both by the present Government and their predecessors. Like their predecessors, the present Government have also sought to ensure that changes in trading patterns, especially those concerning the Commonwealth, will be gradual, and will give time and opportunity for those concerned to make any adjustments which might prove necessary. They believe these aims have been achieved.
59. The costs of joining the Community-set out in this White Paper- are the price we should have to pay for the economic and political advantages. These advantages will more than outweigh the costs, provided we seize the opportunities of the far wider home market now open to us. If we do, we shall obtain, as the Six have done since the Communities were founded, a substantial increase in our trade, a stimulus to growth and investment, and a greater rise in real wages and standards of living than we have known in recent years or would be possible if we remained outside the Communities.
60. Beyond these economic considerations are the broad political perspectives. In an enlarged Community we could better serve our own interests and those of our traditional friends and allies. Together with the other members of the enlarged Community we could do more and better than any of us could do alone. Together we could tackle problems of technological innovation and development which would be too big for any one of us. Together we could could create a more civilised environment. Together we could compete more effectively overseas. Together we could help the poorer countries of the world more generously than if we were working on our own. And together the members of the enlarged Community would be able to help each other.
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