London office workers trust BOE more than government on Brexit

[LONDON] London office workers rank the Bank of England as more credible on Brexit than the UK government, according to a survey by FTI Consulting.

More than a third of respondents said the BOE's communications are "informative and believable," compared with just over a quarter saying the same for the government, FTI found.

While 50 per cent considered the central bank's communications either "not believable" or "not informative," that compares with 63 per cent for the government.

Since the UK's June vote to leave the European Union, political leaders have been embroiled in battles over the possible impact of Brexit as they prepare for the formal exit talks that will determine Britain's economic relationship with its neighbours. Prime Minister Theresa May intends to begin that two-year process by the end of March.

"While politicians have been focusing on negotiations and political gain, the Bank of England and industry bodies have been far more effective at being informative and, importantly, believable," said Dan Healy, head of research at FTI.

Workers saw their own senior management as most credible, though even then only 43 per cent considered the Brexit communications to be informative and believable. That suggests that employees in the capital are largely in the dark about what will happen to their jobs and the economy when Britain withdraws from the EU.

More than 80 per cent of respondents said it's probable that they'll remain with their current employers in the UK after Brexit. Among younger workers aged 18-29, more than half said they're likely to move to another country, with their current employer or in a new job.

"Brexit could actually end up being a catalyst for millennials and their leaders to leave the UK," Mr Healy said.

"Office workers might not be as entrenched in London as some politicians might hope."

FTI interviewed 1,000 London office workers online between Feb 15 and Feb 18.

BLOOMBERG