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Mark Sismey-Durrant responds to Lord Turner’s comments on the possibility of leaving the EU PDF Print E-mail
Thursday, 11 February 2016

Mark Sismey-Durrant, Chief Executive Officer at Hampshire Trust Bank, responds to Lord Turner’s comments that the possibility of the UK leaving the European Union was already "causing major destabilisation at a global level": “The UK has long been viewed as a haven of political and economic stability, but as a potential Brexit looms this perception may shift. Uncertainty over EU membership, together with other global political developments, could result in SMEs holding on to more cash in 2016, rather than investing it and it could dampen business appetite for growth.

"Our research has found UK SMEs are already building up their cash reserves, driven by the perceived need for greater ‘cash buffers’ and concerns about the volatility of the economy. In fact, we found that SMEs hold more than £230,000 on average in current accounts. In order to encourage SMEs to invest in their businesses in 2016, we need a period of steady economic growth and a context of increased certainly over the future political environment.”

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