Business leaders back UK to remain part of EU

14 April 2015
by begbiestraynor -- last modified 14 April 2015

An overwhelming majority of business leaders from across Europe would prefer to see the UK remain part of the European Union, according to a recent survey.

Questions are being asked on the issue with British voters set to go to the polls in early May to elect their members of parliament. Expectations are that no single political party will secure a majority in the House of Commons and that a coalition government will again be formed as it was after the last nationwide elections in 2010.

Potential ramifications vary considerably but could include wheels being set in motion for a referendum on the issue of whether or not the UK will remain as part of the European Union.

The opinion of business leaders across Europe though has at least been made clear with 86 per cent of those asked recently indicating they’d prefer to see the UK stay in the EU.

Business leaders from 32 different countries were asked their views on whether UK membership of the EU has a positive impact on their operations, with those in Ireland proving particularly keen for current dynamics to continue.

"This survey demonstrates the importance Irish business leaders put on the UK remaining part of the EU with 100 per cent of them agreeing they think the UK should stay in the EU,” said Aidan Scollard, from RSM Farrell Grant Sparks, sponsors of the European Business Awards, for which the recent survey was carried out.

“As the UK’s closest neighbour in Europe it reinforces the strong bilateral relationship that exists between the UK and Ireland," he said.

Only 11 per cent of the business leaders from across Europe felt that the UK should leave the EU in the coming years, with a very large majority convinced of the benefits that the union brings to enterprises across the continent.

Adrian Tripp, chief executive of the European Business Awards, said: "From a business perspective, people see the value in the commercial opportunities; from a wider perspective, stability and integration are key.”

However, there are real fears that the question of UK membership of the EU will be put to the British public in the next few years with the Conservative Party, which currently leads a coalition government, committed to conducting a referendum on the subject by 2017 if they win this year’s general election.

The Conservatives have been fighting to retain support among certain sectors of its voters and to fend off defections to the UK Independence Party, which counts Britain leaving the EU as a core campaign and policy strategy.

Recently the European banking regulator urged the UK to remain part of the EU and described the City of London as an “important hub” for the union’s single market and particularly its financial services sector.

Andrea Enria, chairman of the European Banking Authority, also insisted that membership of the EU brought significant benefits to the UK economy and emphasised that he felt there is a “strong interest” in Europe for existing relations to be maintained.

Speaking in London to the Telegraph newspaper, Enria said: “There are more than 1 million jobs in the financial industry here, 80 per cent of the European hedge fund industry is located here, 70 per cent of private equity and three quarters of the investment banking and capital markets activity is transacted in London, so London is an important hub for the EU.”

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