The City Property Association has come out against Brexit after members backed staying in the EU

Billy Bambrough
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EU Referendum - Signage And Symbols
There are warnings that property prices could be eroded if the UK votes to leave the EU (Source: Getty)

The City Property Association (CPA) has come out in favour of the UK remaining in the European Union after two polls showed its members were "overwhelming" against Brexit.

An online poll of its members last week found 75 per cent in favour of the Remain campaign.

The CPA, which represents 170 companies operating in Central London, said remaining neutral on the issue when members had voted overwhelmingly against the UK leaving the EU was not an option.

A previous poll the group ran at an EU referendum debate returned a similar result.

There have been repeated warnings from various groups that property prices could drop if the country votes to leave.

Read more: The multi-billion pound Brexit risk to the Square Mile, mapped

However, recent polls put the vote – set for 23 June – as too close to call.

At the debate Canary Wharf Group chairman George Iacobescu warned “there is nothing you have here in London that is not replicable” by other cities eager to steal its business.

CPA president Mark Ridley, said:

Our members have made their views on this issue very clear and we have a duty as a body representing their interests to add our voice to the debate. This is not about political posturing, but a simple statement of fact.

Our members, who are working at the top of their profession, believe investment and confidence in the City will suffer if the country decides to leave the EU.

The City of London Corporation, which voted to support the Remain campaign earlier in the year, welcomed the decision.

Read more: Carney ignites recession row with Brexit warning

City of London Corporation chairman of the policy and resources committee, Mark Boleat, said:

The view of the majority of City firms is that they want to stay in the EU and the CPA’s members have reflected this.

This poll shows that they value remaining in the trading bloc as it is essential for sustainable economic growth and the risk of uncertainty caused by Brexit is too great.

It is also important to highlight that this is not just the view of the financial services industry. Sectors like the burgeoning tech sector, legal services, accountancy and host of other professions are of the same opinion.

They see EU membership as a big reason as to why we are the world’s leading financial centre and are looked on with envy by other cities around the world.

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