Member Article

London business leaders back EU membership but Brexit support growing

With the EU referendum just under three months away, a new report by the Business Growth Fund (BGF) has shown that a majority of senior business leaders in London and the South East are in favour of Britain remaining in the EU.

The results of the BGF’s survey, which were released today (Tuesday), show that 70% of senior business leaders canvassed believe that Britain is better in the EU than out of it.

However, the numbers represent an 11% slide from the 81% of London and South East business leaders who supported EU membership in a similar survey last June, hinting at rising support for Brexit.

In particular, those surveyed by BGF, who provide long-term growth capital to small and mid-sized businesses, focused on unnecessary and problematic EU regulations (63%) as one of the main negatives of membership for business owners.

Despite this, an overwhelming majority of respondents were still positive about the benefits and opportunities presented by EU membership, with 76% claiming that it gives British businesses invaluable access to European markets while 64^ were concerned about the growth stifling effects of any potential exit.

Marion Bernard, BGF’s Regional Director for London and the South East said: “The Growth Climate Index seeks the views of senior business leaders who are committed to supporting Britain’s most ambitious small and mid-sized businesses.

“While the poll shows an uptick in support for Brexit among the London and South East business community, the majority remain in favour of staying in the EU.

“It’s also clear that despite uncertainty prompted by the vote, and economic instability overseas, businesses remain committed to growth. In uncertain times it is crucial that businesses get the support they need to innovate, export, grow and prosper.”