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UK industry poll shows two-thirds of banks fear Brexit

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More than 60% respondents say they would be significantly worse off if Britain left the European Union, according to a survey by the British Bankers Association.

As per the results of a survey by the leading industry lobby group, majority of banks operating in Britain said they think they would be worse off if the UK leaves the European Union.

The British Bankers Association said that almost 60% of banks that responded to its survey on EU membership had warned that the UK leaving the 28-member state bloc would have a negative impact on their business.

Some 26% of the 74 banks covered under the survey also said the impact would be significant. However 31% said they did not have a position on the impact of the UK referendum on EU membership, being held on 23 June.

Some 64% of respondents also said their own organisation did not hold a position on whether the UK should remain in the EU.

Anthony Browne, chief executive of the BBA, said that the question was a matter for the British people. “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.”

The BBA did not disclose the respondents to its survey but it is likely to have included international banks operating in the UK.

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Paul

The author Paul