Two in three private investors say leaving is best for savings

NEARLY two-thirds of Britain’s small investors will vote to leave the European Union, according to a poll.

The number of savers with money in the stock market in favour of Brexit has soared since the summer when less than half said they favoured leaving.

The research, by online stock broker The Share Centre, also found that more than three quarters do not believe the reforms proposed by David Cameron would ‘materially change the UK’s relationship with the EU’.

The dramatic findings will be seen as a major boost to those campaigning to free the UK from the Brussels yoke.

And they raise a huge question mark over claims made by the In side that business is in favour of remaining in the EU.

On Thursday, the Conservatives were caught out cobbling together an open letter from business leaders endorsing the Prime Minister’s EU deal even before it had been signed.

A separate pro-EU letter was being organised by around 80 leaders of global firms.

But earlier this week, star fund manager Neil Woodford said claims that Britain’s future prosperity hinges on its ties with Brussels ‘lack credibility’.

Last night Matthew Elliott, chief executive of the Vote Leave group campaigning for Britain to leave the EU, said: ‘Investors know that Britain will thrive and prosper outside of the EU.

‘EU rules too often favour those firms that can afford to lobby in Brussels while stifling entrepreneurs, innovation and small and medium-sized enterprise.

‘Outside of the EU we can enjoy the best of both worlds, continuing to trade across Europe while striking free trades across the globe. It’s time to take back control.’

The survey of 2,000 ordinary investors by The Share Centre found some 63 per cent of savers with money in the stock market are planning to vote for Brexit in the referendum this summer.

The figures is up from 44 per cent who said they wanted Britain to leave last summer – in a sign that support for EU membership is waning. The poll also showed: ÷76 per cent do not believe David Cameron’s proposed reforms ‘materially change the UK’s relationship with the EU’; ÷58 per cent think a vote to leave would have a negative impact on the stock market – down from 63 per cent in August; ÷60 per cent believe Brexit would have a positive impact on the UK – up from 44 per cent.

Richard Stone, chief executive of The Share Centre, said the change in views since the summer revealed a ‘dramatic shift in opinion in favour of exiting’.

He added: ‘Recent market and global eco- nomic volatility has made investors more likely to vote to leave and lessened fears over the impact on the market. Indeed, the responses could be interpreted as suggesting investors believe the UK would be better positioned to weather such storms outside of the EU.

‘Concerns about the potential impact on stock markets have lessened but persist, however, there is no doubt that this group of voters – an important part of the UK elector- ate – are strongly supporting an exit.’ Earlier this week Mr Woodford – considered one of the most influential investment experts – conceded that Brexit would be ‘politically, a significant event’.

But he added: ‘I’ve heard both views … that staying is incredibly beneficial or leaving would be very damaging, and I’ve heard the opposite argument from an economic point of view. I think it’s pretty clear that that’s a bogus argument. I think it’s really hard to see any significant credibility in an argument to stay or to leave constructed around economics.’

The Share centre said immigration is cited as an issue that has influenced personal investors, with 52 per cent reporting it had made them more likely to vote to leave.

But other major issues given as reasons included sovereignty, the impact of EU regulations and economic issues.

Tory MP and Eurosceptic John Redwood said: ‘People are coming around to the view that there isn’t anything damaging about leaving. If we got our money back our balance of payments would improve and we would have more money to spend on the things we want to spend it on here. Many businesses have now seen trade will not be at risk if we leave. People are now seeing the pluses of leaving.’