London: European and US business leaders are more worried about the UK leaving the EU than Greece leaving the eurozone.
The prospect of not being able to operate seamlessly across Europe [if Britain left the EU] is worrying,” said one US chief executive, whose company runs its European operations from London.
The Conservatives have promised to hold a referendum on UK membership of the EU if they win the general election on May 7. This uncertainty has unsettled British businesses, although opinion is divided on the benefits of staying in the bloc.
Grant Thornton surveyed 2,600 chief executives, managing directors, chairmen or other senior executives from all industry sectors in 36 countries in February.
Nearly two-thirds of those in the eurozone said a British exit from the EU would have a negative impact on the European economy, while just 45 per cent felt a Greek exit from the euro would be negative.
In Germany, 61 per cent of business leaders felt a Brexit would damage Europe compared to 37 per cent on a Grexit. The difference was even more pronounced among non-eurozone EU members, at 72 per cent and 46 per cent respectively.
Sacha Romanovitch, Grant Thornton’s chief executive elect, said US businesses were particularly worried about the impact of a Brexit. “
The UK has a great history of being a facilitator of trade and is a gateway into Europe and the rest of the world,” she said. “For American businesses, there is nervousness about doing business in Europe, and there tends to be a trust and certainty when you come to Europe through the UK.”
