By Mark Kleinman, City Editor
Some of Britain's biggest companies will begin issuing formal warnings about uncertainties associated with an exit from the European Union if the outcome of the General Election triggers a timetable for a referendum on the issue.
Sky News can reveal that directors at dozens of major listed companies – ranging from banks and insurers to engineers and consumer goods groups - have begun discussing with their auditors and lawyers the potential requirement to include such warnings in corporate announcements from as early as this summer.
The need for FTSE-100 companies to highlight the risks of a British withdrawal from the EU would be sparked by a Conservative victory in next month's poll, company directors say.
The Tories have pledged to hold an "in-out" referendum on EU membership by the end of 2017, while Labour insists that it is committed to remaining in a reformed EU.
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The two parties' division over Europe raises the prospect of an imminent flood of corporate warnings over a British exit if the Tories win an outright majority or take the lead in a second-term Coalition administration.
Company directors approached by Sky News confirmed that many FTSE-100 companies would start to formally raise the issue as soon as next month if it became clear that a referendum would take place.
They cited banks including Barclays and HSBC, insurers such as Legal & General and consumer goods manufacturers including Diageo and Unilever as being among those likely to be obliged to make public statements on the subject.
It is not unusual for major companies to cite political events in lists of risk factors attached to their financial results or annual results.
Last year, in the build-up to the Scottish referendum, companies including Lloyds Banking Group, Royal Bank of Scotland, Standard Life and Weir Group, the engineering firm, all highlighted potential disruption that could be triggered by a vote for independence.
However, many company directors are loathe to make formal references to an EU exit vote as early as this year because of concerns about how they may be perceived by customers, employees and other stakeholders.
Earlier this week, Tony Blair, the former Prime Minister, warned of the "chaos" that would ensue from "the possibility, never mind the reality, of Britain quitting Europe".
"There would be significant business uncertainty in the run-up to the vote but should the vote go the way of exit then there would be the most intense period of business anxiety... and instability since the war," he said.
As the country's biggest trading partner, an EU exit would have profound ramifications for the UK economy, although critics of Brussels argue that a framework could be agreed which would avoid significant harm to UK interests.
Speaking after his company's annual results last month, Sir Martin Sorrell, the WPP Group chief executive, said there could be "no good outcome" for business from next month's election.
He said the poll presented a choice between an anti-business Labour leadership and a Tory team committed to an EU referendum which would fuel uncertainty.
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