Two in three businesses across the region would vote to remain in the European Union if a referendum was held tomorrow – a British Chambers of Commerce survey has revealed.
The poll, part of a nationwide survey of 2,000 businesses including firms in Coventry and Warwickshire, found that 66 per cent of business leaders in the West Midlands would choose to stay in the EU, while 25 per cent believe their businesses would suffer strong negative consequences if the UK were to exit.
The survey asked business leaders from all sectors on a range of issues surrounding the EU referendum debate, including business understanding, impacts, and priorities.
According to the study, business leaders in the West Midlands have been following the debate closely with 50 per cent saying they have read about it at least once or twice per week, and 75 per cent said they are either quite or completely familiar with the implications an in-out referendum would have on their business.
Yet when asked how firm they stood in their vote less than half (43 per cent) said they were completely committed.
And just six per cent claimed they felt completely familiar with the Prime Minister’s proposed renegotiation package, revealing the uncertainty felt by West Midlands business leaders.
More than half (51 per cent), also revealed it is likely the content of the Prime Minister’s renegotiation package would affect their vote.
Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said the figures highlighted business leaders’ cautiousness surrounding the referendum.
“Many assume that the EU referendum is a simple in-out debate with voters firmly entrenched in their viewpoints, but the survey shows the complexities that surround the debate and the wariness of business leaders, particularly concerning the implications it might have on businesses,” she said.
“With few businesses claiming to be fully familiar with the referendum’s implications or the Prime Minister’s renegotiation package, the figures reveal a desire for greater clarity from Downing Street, which may ultimately influence their vote.”
The report has revealed more than eight in ten of those questioned reported no material impacts of the planned referendum on their businesses to date.
The area of most concern for the region’s businesses is the imbalance of power between Brussels and the UK, while 61 per cent believe that the main focus of the Prime Minister’s renegotiations with the EU should be to gain greater powers for UK Parliament to block proposed EU legislation.
And 52 per cent claimed that were Government able to achieve more balanced power for the UK, this would be the greatest benefit and result from the EU reforms.
Louise added: “The survey clearly highlights safeguards and power for the UK is of paramount importance for the region’s businesses, along with more clarity from Government.”