Banks tight-lipped on Brexit impact

EU-Europe-Flags-Euro-700x450.jpgThe UK banking industry thinks that the UK leaving the European Union would have a negative impact on their business, although most have remained tight-lipped.

Almost 60 per cent of banks responding to a survey by the British Banking Association said that a Brexit would have a negative impact on their business, with a quarter saying the impact would be significant.

Just one per cent of the respondents said that leaving the EU would be good for business.

However, broadly banks remained tight-lipped on their organisation’s view on Brexit. Of the respondents to the survey, 63 per cent said they did not hold a position on Brexit and whether the UK should vote to stay in.

All 147 BBA voting members were surveyed, with just over 50 per cent responding.

“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,” the organisation states.

Anthony Browne, BBA chief executive, says: “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.

“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.”