71% of Bridging & Commercial readers said they will be voting to remain in the European Union.
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div>Voters go to the polls on Thursday 23rd June to decide whether the UK should remain within the EU.
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The result does not surprise Bob Sturges, Head of Communications at Fortwell Capital, who said the EU has been a constant factor in the lives
of many people under the age of 50.
“They cannot remember a time when this country had independent control over its political, social and economic destiny,” said Bob.
“The prospect of leaving the cosy womb of our supranational 'parent' terrifies many of this generation - a factor being exploited skilfully by the advocates of 'Project Fear'.”
One group that does fear an exit is the banks which, according to a survey by the British Bankers Association (BBA), believes a Brexit would have a negative effect on their organisations.
“The majority of our members who responded to the survey also think that if the UK were to leave the EU, their business would be harmed,” said Anthony Browne, CEO of the BBA.
“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.”
Scott Marshall, Director at Roma Finance, agrees, saying that staying in the EU would ensure that London remains the financial capital of Europe.
"It will also provide jobs and security for the rest of the country and with the decline of [the] manufacturing industry in the UK, as is currently very evident with the situation over steel, it is important that we focus on building where our strengths lie,” said Scott.
"If we were to leave Europe we would enter a period of uncertainty for financial markets and property investors.
“Bear in mind also, if we did vote to leave Europe, it would be many years before the ties were severed and, during this period, investors would be understandably cautious until the situation became clearer, potentially resulting in a stagnant market for many years."
Ashley Ilsen, Head of Lending at Regentsmead, is also concerned that a Brexit would create uncertainty, especially in the housing market.
“Our exports could be hit which would significantly affect our balance of trade,” said Ashley.
“This could drive up costs for developers making purchasing supplies and raw materials more expensive, and hitting the SME builder harder than most.
“Optimists would argue against me saying that leaving the EU could even make house prices increase further, but lenders would be quick to point out that incomes would drop, lowering the amount that could be borrowed and reducing the demand for property and new homes.”
Although Bob agreed that a Brexit would result in a period of uncertainty, he said it would also give Britain ultimate control over its future.
“Being outside the EU will give us control over such important influencing factors as regulation and planning,” said Bob.
“I'm also personally persuaded that, following a period of temporary disruption, the British economy will be freer to expand to its full potential and continue to attract inward investment and beneficial migration.
“In its wake, property will do well.”
“Whether in or out, we remain exposed to the vagaries of the global economy, the coquettishness of giant multinationals, geo-political instability and the competence of politicians.
“But I would urge taking the long view; not one just based on tomorrow."
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