EU referendum uncertainty '˜biggest threat to UK economy', says top lender

UNCERTAINTY AROUND Britain's future membership of the European Union against a backdrop of global instability is the biggest threat facing Britain's prosperity, according to a leading figure in the UK financial services industry.

Leeds Building Society chief executive Peter Hill, who is also chairman of the Council of Mortgage Lenders, also said voters should focus on the long-term view rather than “short-term soundbites”.

He told The Yorkshire Post: “For example, you have got (the employment minister) Priti Patel quoted as saying that coming out of Europe will reduce the cost of car insurance for women.

“I would say the right way to look at this is on a multi-generational basis and not think about short term and relatively frivolous matters but think in terms of big picture, long term and make a decision on that basis.”

Mr Hill added: “Uncertainty is always the biggest concern. Of course, in the first half of 2015 we were preparing for a general election where the outcome was very difficult to call and here we are in the first half of 2016 preparing for a referendum where the outcome is very difficult to call.

“So that uncertainty with the backdrop of global instability is probably the biggest risk to the UK economy.”

He said that the coming months would see much information, insight and analysis on the consequences of staying in or getting out of the EU and it would be up to members to make up their own minds.