Survey finds 2 in 3 banks fear the Brexit

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20th April 2016 17:44 - Central Government

According to a recent survey of the leading industry lobby group, The British Bankers Association, most of the banks in Britain believe that they would be left worse off if the United Kingdom was to leave the European Union.Survey finds 2 in 3 banks fear the Brexit

The Association revealed that approximately 60 per cent of the banks in the survey warned that the United Kingdom’s exit would have an adverse effect on their business.

Approximately 26 per cent of the 74 banks in the survey said that the impact the Brexit would have would be significant. Although, a further 31 per cent revealed that they did not have a stance on the effect of the UK referendum on European Union membership, which is to be held on the 23rd June.

A further 64 per cent of the respondents said that their company did not hold a position on whether the United Kingdom should stay in the European Union.

Chief Executive of the British Bankers Association, Anthony Browne, said of the potential Brexit:

“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 British Bankers Association did not reveal who they spoke to, although The Guardian speculates that the respondents are likely to have included international banks that operate in the United Kingdom.

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