Business leaders sign letter backing Remain

More than 1,200 business leaders in the UK have signed a letter supporting the UK?s continued membership of the European Union.

The letter to the Times states that British businesses and their employees ?benefit massively from being able to trade inside the world?s largest single market without barriers?.

It continues: ?As business people, we always look to the future – and a future inside the EU is where we see more opportunities for investment, growth and new jobs. We know that Britain leaving the EU would mean having to re-establish terms of trade from scratch with our home market of 500 million consumers. That wouldn?t just hurt exporters but the hundreds of thousands of small and medium firms who do business with them.?

Virgin Group founder Sir Richard Branson, Barclays chairman John McFarlane, and Charles Dunstone, the co-founder of Carphone Warehouse, are among the signatories.

Meanwhile, Swiss bank UBS has warned clients that it may may have difficulty accommodating trading if Thursday?s referendum affects liquidity or causes extreme volatility.

The bank said that, regardless of the outcome, the vote may lead to ?an increase in volatility and an impact on trading volumes? – potentially leading to prices becoming non-tradable for certain periods.

?In the event that extreme market moves occur, giving rise to limited liquidity in certain currencies, we may not be able to fill limit orders or take profit orders at the levels, or using the methodologies, expected in normally-functioning markets,? the bank told clients.

Polls have shown that the outcome of the referendum is hard to predict. But in the past week, betting odds have swung decisively back in favour of Britain voting to stay in the EU. The implied probability of a Remain vote is now at 77%, Betfair said on Tuesday.

However, the betting company also noted: ?Latest estimates put the percentage of voters still to make up their minds at around 13%. That?s certainly enough to swing it either way, especially as YouGov also published a poll last night in which Leave lead by two.?