UK banking sector believes Brexit would have negative impact on their business
According to a survey by the BBA, a majority of member banks based in the UK which responded believe their business would suffer a negative impact if the UK left the European Union.
Almost 60% of banks that responded to the survey on the EU referendum believe Brexit would have a negative impact on their organisation, with 26% saying the impact would be significant.
The survey also revealed 55% of respondents thought the UK remaining in the EU would be in the best interest of their organisation, with just 1% saying leaving the EU would be good for their business. Of those who had a position, 98% said the UK remaining in the EU was in the bank’s best interest.
All 147 BBA voting members were surveyed, and just over 50% responded to the questionnaire. Those responding represent 90% of the UK banking sector workforce. The majority (63%) of those who responded said that their bank does not hold a position on whether or not the UK should remain in the EU. As a result, the BBA as an organisation has taken a neutral position on whether the UK should vote to remain in or leave the EU.
Anthony Browne, BBA CEO said:
“The question of membership of the EU is a matter for the British people to decide.
“Whether the UK votes to leave or remain in the EU on the 23 June will be one of the most important decisions shaping our economy in the years to come.
“Our survey shows there is almost no appetite from banks for the UK to leave the EU. The majority of our members who responded to the survey also think that if the UK were to leave the EU, their business would be harmed.
“The single market is of crucial importance to the UK banking industry, which employs over half a million people, contributes over £31bn in tax a year, and is the country’s biggest export industry. However, as the majority of our members have not expressed a position on the matter of UK membership, the BBA will adopt a neutral position in the referendum debate.”
