eu single market membership survey

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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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© Ipsos MORI

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


Insurance

Legal

Other Financial or Related …

None of these

Sector (Survey respondents)

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© Ipsos MORI

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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© Ipsos MORI

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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© Ipsos MORI

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%


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© Ipsos MORI

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%


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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%


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© Ipsos MORI

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


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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


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© Ipsos MORI

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


Improve

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© Ipsos MORI

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


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© Ipsos MORI

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%


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© Ipsos MORI

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


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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



Thank you. Questions?

http://www.ipsos-mori.com/terms

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© Ipsos MORI

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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© Ipsos MORI

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


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© Ipsos MORI

Sample profile (1)


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


Insurance

Legal

Other Financial or Related Professional Services

None of these

Sector

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© Ipsos MORI

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

eu single market membership survey

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