19th May 2015

BBA on competitiveness of UK and EU referendum

The BBA has announced that Sir Hector Sants and Oliver Wyman have agreed to lead a review into the competitiveness of the UK on behalf of the banking industry.  Commenting on this and speculation that some banks could leave the UK due to uncertainty around the EU referendum, BBA CEO Anthony Browne said:

“The banking industry is increasingly concerned about how Britain is becoming an uncompetitive place to do business.  Some banks have recently moved operations and jobs out of the UK due to punitive hikes in bank taxes. Other banks have deferred decisions about whether to invest in Britain until after the referendum.

“A prolonged period of uncertainty over the UK’s membership of the EU and its access to the single market could undermine international banks who are big employers in Britain.  At the same time tough new regulatory measures are making it more difficult for UK banks to compete in global markets.

“So we are delighted that Sir Hector Sants will lead this review.  We will aim to present the Government with a series of recommendations in the autumn. We want to make sure that the UK continues to benefit from the hundreds of thousands of jobs and tens of billions of taxes that are currently provided by the banking industry in this country.  It is in no-one’s interest for the UK’s biggest export industry to lose its global competitiveness.”

ENDS

For more information or to arrange an interview please call the BBA press office on 0207 216 8989.

Notes for Editors

The review into competitiveness of the UK banking industry is being led by Oliver Wyman on behalf of the BBA. It will be presented to the Government later this year and will make a series of recommendations on how to improve the competitive landscape for the banking industry in the UK.

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