The Big Question - 66% of FDs condemn Tories on EMU

Two-thirds of UK finance directors think the Conservative party’s policy on the euro would harm UK business.

The Big Question survey, carried out by Accountancy Age and Reed Accountancy Personnel, found 34% of FDs believed the Tories’ stance would definitely harm UK business, while 33% said it probably would.

Only 15% thought UK business would remain unharmed, while 18% remained neutral.

The survey contrasted with the 80% of Conservative party members who endorsed William Hague’s policy of ruling out the UK’s membership of EMU at least until the end of the next parliament.

Lars Maynard, group FD of BMH Holdings, said: ‘The majority of our country’s business is with our continental partners. It is ludicrous to believe we can share in Europe’s success if we have an anti-European party in power.’ Other comments said the Tory policy had ‘no concept of reality’.

Among the minority of FDs supporting the Tory policy was Ron Haley, FD of Andrews, Kent & Stone, who said: ‘It will benefit UK business in the long term – the UK’s main source of business is outside Europe. We run a deficit with Europe.’

Another said that as an economic United States of Europe developed, a UK standing alone could benefit as a broker between the United States of Europe and the US.