Brexit washout: The majority of the finance sector wants the UK to stay in Europe

Emma Haslett
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As we approach the election, the threat of a Brexit is beginning to worry the finance sector (Source: Getty)

Most of the finance sector doesn't think leaving Europe would be good for the economy, a new study has found.

Some 55 per cent of finance workers said a Brexit would be a bad idea - while 20 per cent didn't know, and 14 per cent wanted a "third way".

The study, by recruiter Marks Sattin, also found the City is against another attempt at Scottish independence, with just 11 per cent saying they support the arguments in favour of it.

Tellingly, another 45 per cent suggested uncertainty around a potential Brexit is damaging conference in the UK economy. Admittedly, that was only narrowly above the 40 per cent who said it wasn't - but 15 per cent weren't sure. So it's not a definitive showing - but it does suggest the City is erring on the side of caution on this one.

Dave Way, managing director at Marks Sattin, suggested a "third way" may be the answer.

Would a Brexit be good for the economy?

"A significant minority have been swayed by the ‘third way’ championed by countries like Iceland, Norway and Switzerland, which would still allow us to access the largest single market in the world and tap into the potential skillsets of 500 million people, but the flipside of this arrangement is the lack of formal vote on EU issues.”

It's hardly surprising the City is worried: earlier this month credit ratings giant Moody's warned that ditching the EU could be more harmful to the UK's credit rating than jitters about the outcome of May's General Election.

“As the EU accounts for around 50 per cent of the UK’s goods and 36 per cent of its services exports, a withdrawal from the EU could have negative implications for trade and investment, both ahead of the event and following it,” the agency said.

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