SIR - People such as

L Spiteri, George Cowley and D E Margrett, who seem to think the UK couldn't survive outside the EU, should note that leading financial authority Morgan Stanley has revealed that high levels of red tape in the European Union - and general unfriendliness to investors - is causing a massive exodus of capital to other parts of the world.

This is an established fact and can only mean putting hundreds of thousands of jobs at risk in this country. Some of us are already becoming very nervous about our future economic security. It's easy to see why the prices of houses, for example, are dropping so quickly.

Open Europe and Oxford Economic Forecasting shows that the UK could gain 1.4 per cent of gross domestic product (more than the whole of the budget for the National Health) if it freed trade with the rest of the world while maintaining a free trade agreement with the EU instead of being a member of the EU.

So, the message is very clear. Stay in the EU and become a stagnant economy or leave and become vibrant again. All it needs is firmer faith by UK citizens in our own ability and stop listening to the mealy-mouthed about how we can't survive on our own.

Who knows it might stop the mass exodus of the 16 per cent of graduates who are leaving this country each year as they see little future here.

NICK CHANCE,

Severn Stoke.