Standard Life chair backs ‘No’ campaign for Brexit

Brexit, UK, European Union, EUStandard Life chairman Gerry Grimstone has called for the UK to remain in the European Union, saying it would be damaging to the UK economy if a Brexit occurred.

In an open letter, Grimstone says that it is the group’s responsibility to use its voice to drive change and improvements in the industry.

“The debate on whether or not the UK should stay part of the European Union is reaching its climax and coming closer to the time when the UK public will have their say. We are conducting a thorough study of the impact of this on our business,” says Grimstone.

“We stay clear of the politics but, as you would expect, we are closely following developments and assessing the implications for our businesses as they emerge. As we have stated before, we believe that access to the EU Single Market is in the best interests of our customers and clients.

“The principle behind the Single Market – to encourage the free movement of goods and services – has created an environment that gives individuals and businesses the confidence to invest for the long term and it would be potentially damaging to the UK economy and therefore to companies such as Standard Life if the UK were to leave it.”

Standard Life previously spoke out about the implications of the Scottish referendum, saying that a “strong reputation for thought leadership” is important for the continued success of the company.

Pimco yesterday warned that while it thinks the UK will stay in the EU, there is a 40 per cent chance a Brexit may occur, which would lead to continued disruption to UK markets.