More than 80% of West of England firms fear leaving the EU would pose a risk to the UK economy, according to results of a survey among nearly 1,000 businesses in the region. Two thirds also believe it would be bad for their own business.
The survey by Business West, the organisation that runs Bristol Chamber of Commerce and the Bristol Initiative, reveals that 61% businesses would vote to stay in the EU if the referendum was today – with 24% saying they would vote for an exit. 
However, the number saying they would vote ‘Yes’ in the ballot would increase to 76% if the Prime Minister secured concessions from other member states that made the relationship more beneficial to the UK economy, the findings show.
The survey, the biggest of its kind held in the region, also shows that 58% of firms felt they needed more information before making an informed decision on the issue.
Business West managing director Phil Smith said: “The business community is sending a clear message to politicians: leaving the EU poses a risk to both the economy and our day to day trade.
“The figures coming out of our Local Business Survey are significantly supportive of our membership of the European Union, with the majority of firms stressing their intention to vote to remain in the union if the vote was today.
“If David Cameron can secure reform with further concessions for the UK economy, support would sharply rise.
“Add to that the fact that four of out five businesses tell us that that cutting ties with our largest international trading body would pose a risk to the national economy, and you see the potential damage that leaving the EU could create.
“Strikingly, two thirds of businesses surveyed believe that leaving the European Union could pose a direct risk to their own business, demonstrating that for many South West firms the referendum is not an abstract question, but one with real and personal consequences.”
He said the survey showed a clear need for a better informed debate with more detailed information about the costs and benefits of the EU.
“Businesses want clarity, and an informed debate based on a cool-headed assessment of the consequences for the economy, not a decision based upon emotion,” said Mr Smith.
“There is no doubt that this one of the most significant political events of our lifetime. The referendum will be of profound importance to the UK and to South West businesses.
“It is no secret that the EU isn’t perfect, with many local firms telling us that they want to see action taken to address burdensome regulatory barriers during the renegotiation period. However, the clear message is that leaving Europe would be a risk and that staying in is the strong preference of the majority of the business community.”
Business is likely to play a key role in the run-up to the referendum with national organisations like the CBI lobbying to stay in a reformed EU. However, a number of high-profile and influential business leaders, including inventor James Dyson, have been linked with the ‘No’ campaign.
The Business Link survey was conducted between May 2 and June 16. The in-out EU referendum is expected to take place in 2017.
