24th March 2016

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 percent of banks that responded to the survey on the EU referendum believe Brexit would have a negative impact on their organisation, with 26 percent saying the impact would be significant.

The survey also revealed 55 percent of respondents thought the UK remaining in the EU would be in the best interest of their organisation, with just one percent saying leaving the EU would be good for their business. Of those who had a position, 98 percent 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 percent responded to the questionnaire. Those responding represent 90 percent of the UK banking sector workforce. The majority (63 percent) 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.”

 

NOTES TO EDITORS

The BBA is the leading trade association for the UK banking sector with 200 member banks (made up of 147 voting members and their subsidiary members) headquartered in over 50 countries with operations in 180 jurisdictions worldwide.  Eighty per cent of global systemically important banks are members of the BBA.  As the representative of the world’s largest international banking cluster the BBA is the voice of UK banking.
Our members manage more than £7 trillion in UK banking assets, employ nearly half a million individuals nationally, contribute over £60 billion to the UK economy each year and lend over £150 billion to UK businesses.

The BBA member survey on the EU referendum was conducted on an anonymous basis by Electoral Reform Services.

Survey details:

Number of eligible voters:

147

Overall turnout:

50.3 %

Total number of valid votes to be counted

74

 

Results:

QUESTION

 

Response

%

 

Question 1 – in the upcoming referendum does your organisation hold a position on whether the UK should stay in the EU?

 

YES

 

27

 

36.5

 

 

 

NO

 

 

47

 

63.5

 

Question 2 – does your institution support the UK remaining a member of the European Union?

 

 

YES

 

31

 

41.9

 

 

NO

 

 

1

 

1.4

 

 

NO
POSITION

 

 

42

 

56.8

 

Question 3 – if a referendum were held tomorrow, what result would be in the best interest of your bank?

 

 

UK
REMAINING

 

 

41

 

55.4

 

 

UK
LEAVING

 

 

1

 

1.4

 

 

NO
POSITION

 

 

32

 

43.2

 

Question 4 – if the UK were to leave the European Union, what do you believe the impact would be for your organisation?

 

SIGNIFICANT POSITIVE
IMPACT

 

0

 

 

 

SLIGHT
POSITIVE
IMPACT

 

3

 

4.1

 

 

NO IMPACT

 

 

6

 

8.1

 

 

SLIGHT
NEGATIVE
IMPACT

 

23

 

31.1

 

 

SIGNIFICANT
NEGATIVE
IMPACT

 

19

 

25.7

 

 

DO NOT
HAVE A
POSITION

 

23

 

31.1

Electoral Reform Services can confirm that, as far as reasonably practicable, every person who chose to participate in the ballot had their response fairly and accurately recorded.