eu single market membership survey
DESCRIPTION
Sir Robert Worcester presented the findings of our survey of The City UK members and their attittudes to Britain's membership of the European UnionTRANSCRIPT
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© Ipsos MORI
30 October 2013
Single Market Membership Survey
Presented by Sir Robert Worcester
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© Ipsos MORI
Methodology
• 101 interviews were conducted between 19 August and 24 October 2013
• Sample was drawn from TheCityUK members
• 444 leads provided by TheCityUK
• Initial email from Chris Cummings inviting participation, followed by an email from
Ipsos MORI containing a unique online survey link
• Reminder emails were issued during fieldwork to those who had not completed the
survey and telephone calls were also used to encourage participation. Five interviews
were conducted over the telephone
• Survey questions were developed by Ipsos MORI in consultation with TheCityUK,
including input and review by TheCityUK stakeholders
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Sector profile comparison with survey respondents
Base: TheCityUK Members in sample file (444), TheCityUK Members responding (101)
9%
9%
29%
2%
15%
18%
17%
1%
Accounting
Asset management
Banking
Private Equity or Hedge Funds
Insurance
Legal
Other Financial or Related …
None of these
Sector (Total members)
11%
15%
27%
1%
20%
13%
26%
5%
Accounting
Asset management
Banking
Private Equity or Hedge Funds
Insurance
Legal
Other Financial or Related …
None of these
Sector (Survey respondents)
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Summary of the Findings
• Clear preference among members for remaining in the European Union – over eight
in ten say they would prefer the UK to remain in the EU (84%)
• All members surveyed believe the UK’s decision on membership is important for the
UK (100%) and nine in ten important (90%) for their business
• Over eight in ten said they think that staying in the EU is the best option for the
competitiveness of the UK as a financial centre (84%)
• Over eight in ten again, think that a complete exit from the Single Market and the EU
would lead to a worse competitive position for the UK in financial services (81%)
• Nearly nine in ten agree that the UK as a whole benefits economically from its
membership of the EU (88%)
• Almost three quarters agree that their firm benefits from UK membership of the EU
(74%)
• Nearly half say the UK’s decision on membership is very important for their
business (48%)
• Only one in twenty-five is in favour of leaving the single market (4%)
• Ease of trading and access to customers, as well as a single regulatory framework
for financial services, are seen as the key benefits of EU membership (c. 46%)
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Q. “Which one of these options would be your preferred position for the UK in
relation to the EU?”
There is a clear preference for remaining in the EU
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
84%
10%
5%
1%
0%
The UK remains a member of the EU
The UK leaves the EU but remains within the Single
Market
The UK leaves the EU and the Single Market
completely
None of these is my preferred option
Don’t know
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48% 42%
6%
3% 1% Very
important
Fairly
important
Not very
important
Q. “Overall, how important would you say the
UK’s decision about its membership of the EU
will be for the future of your business?”
Nine in ten say the UK’s decision will be important for
their business, and all say important for the UK
Q. “Overall, how important would you say the
UK’s decision about its membership of the EU
will be for the future of the UK?”
87%
13%
Very
important
Fairly
important
100%
Not at all
important Don’t know
90%
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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Q. “To what extent do you agree or disagree
that the UK as a whole benefits economically
from the UK’s membership of the EU?”
The benefit of the EU to the UK economically is widely
recognised
56% 32%
4% 4% 3%
1% Strongly
agree
Tend to
agree
Strongly
disagree
88%
Tend to
disagree
Neither
Don’t know
41%
33%
16%
9%
1%
74%
Strongly
agree
Tend to
agree
Strongly
disagree
Tend to
disagree
Neither
Q. “To what extent do you agree or disagree
that your firm benefits from the UK’s
membership of the EU?”
3%
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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© Ipsos MORI
Q. “Which of these options best reflects your view of what is best for the UK’s long
term economic prosperity?”
Only one in twenty are in favour of leaving the Single Market
42%
28%
11%
5%
11%
3% Remain in the Single Market no matter how it develops
Remain in the Single Market only if there are no further transfers of economic decision-making powers Remain in the Single Market only if further barriers to free movement are removed Leave the Single Market
Other / none of these
Don’t know
70%
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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Q. “Which, if any, of the following are the most significant benefits to your
business of the UK’s membership of the European Union?”
Ease of trading and access to customers, as well as a single
regulatory framework for financial services, are key benefits
49%
46%
44%
29%
28%
26%
6%
9%
1%
2%
Ease of access to customers in the EU
A single regulatory framework in the EU for financial services
Ease of cross-border trading within the EU
Ease of visa free recruitment of people from across the EU
Increasing harmonisation of standards across the EU
Being part of EU Free Trade Agreements
EU initiatives to support business, e.g. European Investment Bank, Structural Funds
There are no significant benefits to our business from the UK’s membership of the EU
Other (please specify)
Don’t know
1st
2nd
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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© Ipsos MORI
Q. “Which, if any, of the following are the most significant challenges for your
business of the UK’s membership of the EU?”
Regulatory change and volume are the main challenges
65%
56%
37%
31%
26%
21%
16%
2%
Regulatory changes from the EU
The volume of EU regulation
Uncertainty around the future of the euro / eurozone
Uncertainty over the UK’s membership of the EU
Uncertain economic outlook for the EU
The incompleteness of the Single Market
Industry-specific taxation from the EU
Don’t know
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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Q. “In a scenario where the United Kingdom left the
European Union but remained in the Single Market,
do you think the UK’s overall competitive position as
a financial centre would, on balance, improve, remain
unchanged or deteriorate?”
Two thirds of respondents feel remaining in the Single Market but outside
the EU would mean a deterioration in the UK’s position
12%
12%
65%
11%
Deteriorate
Remain
unchanged
Don’t know
53%*
* Net scores
Q. “In a scenario where the United Kingdom left both
the European Union and the Single Market, do you
think the UK’s overall competitive position as a
financial centre would, on balance, improve, remain
unchanged or deteriorate?”
7% 3%
88%
2%
81%*
Don’t know Improve Remain
unchanged
Deteriorate
0 0 0 0
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
Improve
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Q. “Which of the following scenarios would be the best option for the overall
competitive position of the UK as a financial centre?”
Over eight in ten believe staying in the EU is the best option for
the competitiveness of the UK as a financial centre
84%
11%
4%
1%
The UK remains a member of the EU
The UK leaves the EU but remains within the
Single Market
The UK leaves the EU and the Single Market
completely
Don’t know
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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1% 10% 27% 20% 29% 13%
Certain to Very likely Fairly likely
Not very likely Not at all likely Don't know
37%
Q. “In a scenario where the UK left the Single Market, how likely is it that your firm would relocate
at least some of its headcount from the UK to a location within the Single Market?”
On balance half say exit of the Single Market is unlikely
to mean relocation
49%
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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Q. “What areas, if any, do you think the UK should be prioritising to improve
the working of the Single Market?”
Aspects of regulation are the most frequently mentioned priorities
for improving the working of the Single Market
11%
10%
8%
7%
6%
4%
3%
3%
2%
2%
Deregulation/reduce regulation/legislation
Streamlined/harmonised/ consistent regulations/ laws/standards
Freedom of services/free market in services/cross border financial services
Remove barriers/trade barriers/free up trade with other members/stop protectionism
Regulation/legislation/ regulatory issues - no more specific
Financial services/ banking
Economy/economic recovery/growth
Reduce red tape/ bureaucracy
Greater involvement in the EU/participating
Financial regulation/law
Top 10 open-ended responses
Technical note: Base: TheCityUK Members responding (101); Fieldwork: 19 August – 24 October 2013
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© Ipsos MORI
30 October 2013
© Ipsos MORI This work was carried out in accordance with the requirements of the international quality standard for market research, ISO 20252:2006 and with the Ipsos MORI Terms and Conditions which can be found here
For TheCityUK press enquiries please contact Juliet Carey,
[email protected], 0207 367 0005
[email protected], +44 20 7347 3066
[email protected], +44 20 7347 3112
[email protected], +44 20 7347 3256
Thank you. Questions?
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Q. “If the EU were to be reformed in ways that improved the operation of the Single
Market, how likely, if at all, would you be to prefer the UK remaining part of the EU?”
More than a third say reform to the Single Market would make them
much more likely to prefer the UK remaining part of the EU
Base: TheCityUK Members responding (101)
36% 31% 30% 3%
Much more likely A little more likely Would make no difference
A little less likely Much less likely Don't know
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10% 31% 23% 22% 12% 2%
Strongly agree Tend to agree Neither agree nor disagree Tend to disagree Strongly disagree Don't know
34% 41%
Q. “The prospect of a referendum on the UK’s membership of the EU in 2017 has created an
uncertainty that is affecting decisions in our business”
Opinion is divided on whether the prospect of a
referendum is creating uncertainty
Base: TheCityUK Members responding (101)
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Sample profile (1)
Base: TheCityUK Members responding (101)
9%
9%
5%
7%
9%
22%
39%
*
Less than 50
51 - 249
250 - 499
500 - 999
1,000 - 1,499
1,500 - 4,999
5,000+
Don't know
Size of Firm by Number of UK Employees
11%
15%
27%
1%
20%
13%
26%
5%
Accounting
Asset management
Banking
Private Equity or Hedge Funds
Insurance
Legal
Other Financial or Related Professional Services
None of these
Sector
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Sample profile (2)
18%
13%
0%
2%
5%
3%
10%
32%
1%
13%
3%
CEO
Chairman
CFO
Chief Investment Officer
Other Executive …
NED/Board Member
Partner
Public/Govt Affairs
Communications
Other Director/Manager
None of these
Role
69%
8%
23%
UK
Elsewhere in Europe
Rest of world
Location of Global HQ