Campaign backing UK exit from EU adds 250 business executives

The future of the UK economy is at the heart of the debate over whether to leave the European Union

Former HSBC Holdings Plc Chief Executive Officer Michael Geoghegan is among 250 business leaders backing the push for the United Kingdom to leave the European Union (EU).

Geoghegan was CEO of HSBC from 2006 until 2010 and his support for "Brexit" stands in contrast to the bank's current management, which warns it will send 1,000 staff to Paris from London if voters side with withdrawal in the June 23 referendum.

Others on the list released Saturday by the Vote Leave group were John Moulton, chairman of Better Capital LLP; Tim Martin, chairman of UK pub operator JD Wetherspoon Plc; and David Ross, founder of Carphone Warehouse Group Plc.

"With our growing list of business supporters, Vote Leave will make that case that whilst the EU may be good for big multinationals, for smaller businesses it acts as a job destruction regulatory machine," said Matthew Elliott, CEO of the group.

"Jobs, wages and the economy will thrive when we take back control," he added.

Moreover, the group also announced that John Longworth will chair its business advisory council after resigning as director general of the British Chambers of Commerce for breaking with its membership on "Brexit".

Business survey
Vote Leave also released a YouGov poll of more than 1,000 small and medium-sized enterprises that showed just 14 per cent believe the EU makes it easier for their business to employ people.

With the future of the UK economy at the heart of the debate over whether to stay or leave, each side is seeking to gain the support of corporate executives to promote its case.

Bosses from 36 of the FTSE 100 companies recently wrote to the Times newspaper endorsing continued membership in the bloc. The Confederation of British Industry has said that most of its members support remaining.

"The evidence is absolutely clear," Business Secretary Sajid Javid said in a statement released by the Britain Stronger in Europe campaign. "Every major survey of businesses, large and small, shows a clear majority of firms want to remain in the EU."

Separately, hedge funds, especially in the United States, may commission "Brexit" exit polls to help make profitable currency trades on June 23 before the official result of the European Union referendum is declared, the Times newspaper reported, citing people it did not identify.

Traders want to exploit a loophole in electoral law that forbids publication of surveys while voting takes place, the Times newspaper said.