Brexit will hurt London, say 90% of financial professionals

Brexit, UK, European Union, EU

Over 90 per cent of finance professionals believe London’s competitiveness as a financial centre would be dented if UK voters chose to leave the EU at this week’s referendum.

Seventeen per cent of respondents thought Brexit would have a “very negative effect” and 36 per cent think it would be “moderately negative”, according to the poll by finance and technology think tank Z/Yen Group.

A further 38 per cent thought it would have a “marginal” negative impact.

Only 3 per cent thought Brexit would have a “very positive” effect.

Edinburgh, Dublin and the Channel Islands also stand to suffer, according to the responses, while Zurich, Frankfurt, Luxembourg and Paris, would likely see some positive effects.

Associate director at Z/Yen Group Mark Yeandle says: “The financial services industry hates uncertainty. A Brexit will cause uncertainty, especially for London.

“It is perhaps therefore, not surprising that over half of our respondents believe that London will lose some of its competitiveness as a financial centre in the aftermath of a Brexit.”

Around 300 professionals took part in the survey with approximately half from the UK and half coming from Europe, with a small handful coming from other countries.

There was no statistically significant difference between respondents from those inside or outside the UK.