Why Are So Many Brexit Supporters Bankers and Financial Industry Workers?
The 2016 Brexit referendum revealed a complex landscape of voting behavior across different demographics. One striking observation was the concentration of support for Brexit among those in the financial industry, particularly in Scotland. This phenomenon has sparked numerous discussions and speculations. Let's delve into the reasons behind this trend and explore the context in which it occurred.
Understanding the Numbers
It's important to start by acknowledging the data. Scotland specifically had around 1.1 million people who voted to leave the European Union. The financial services sector, which heavily employs these individuals, is a crucial part of the Scottish economy. However, the total employment in finance across the United Kingdom is about 1.1 million, covering the entire UK and not just Scotland. This creates a scenario where it seems possible that all financial workers in Scotland voted to leave, which would account for the significant pro-Brexit vote in Scotland. Yet, the reality is more nuanced.
Statistically, while it is likely that a significant proportion of financial workers voted to leave, suggesting a concentration of support, it does not mean all of them did so. In fact, it's unlikely that every single financial worker in the UK voted to leave, especially considering the diverse population. For instance, a mere 1.1 million out of the 17 million total votes suggests that other sectors and individuals had significant influence in the overall outcome.
Why the Concentration?
Several theories can help explain the observed trend. Some argue that this concentration could be due to the unique characteristics of the financial industry, including a high level of education, expertise in risk management, and a keen eye for lucrative opportunities. These traits can make individuals more inclined to support the idea of reduced bureaucracy and greater control, which are often cited as benefits of leaving the EU.
Others argue that financial workers can benefit personally from a post-Brexit environment, such as enhanced regulatory independence and potential for new markets. This can lead to greater financial freedom and potential for growth, enhancing their personal and professional prospects.
Counter-Arguments and Evidence
However, claims of a majority or near-majority of financial workers supporting Brexit are often met with skepticism. Support for leaving the EU was not uniformly distributed across the financial industry. London, the financial capital of the UK, voted to remain, indicating significant internal diversity within the sector. Moreover, personal and professional interests can vary widely within any industry, leading to a range of voting patterns.
Empirical evidence to support assertions is crucial. While specific polls examining the financial sector's voting habits are scarce, general data suggests that the proportion of financial workers supporting Brexit was not significantly higher than the general population. A 2017 Financial Conduct Authority (FCA) survey indicated that around 36% of UK workers supported Brexit, which is similar to the overall national average. This data, though not specific to the financial sector, provides a useful benchmark.
Conclusion
The concentration of Brexit support among financial workers is a fascinating area of study. While the industry's characteristics and potential benefits can contribute to higher support rates, it is crucial to recognize the diverse nature of the financial sector and the wider industry's voting habits. The general population's view of the financial industry as a monolithic bloc is often a myth, and the reality is much more complex and varied.
Understanding the underlying reasons for this trend can help policymakers and researchers better navigate the future of the financial industry and the broader implications of Brexit on the UK economy.