Brexit references in UK financial disclosure discourse (2015-2017): a corpus study

Abstract

Major political events become a dominant topic of the discussions in the countries involved, and various actors, often other than political parties, take a stance towards them. The withdrawal of the UK from the European Union as a result of the 2016 UK referendum was one of those, and a quite polarised atmosphere from supporters of both sides was observed in the UK and the rest of Europe since the referendum was announced in 2015. Based on the impact of the Brexit on the economy, this study focused into the financial domain of the UK, and the ways that UK financial services referred towards it in their financial disclosures before, during and just after the referendum. For that purpose, I collected the 2015, 2016 and 2017 annual reports from five UK-based financial companies (Barclays, HSBC, Lloyds, Royal Bank of Scotland and Santander UK), and I used thematic keywords to identify all the texts referring to the 2016 UK referendum, its outcome, and the response of the financial services to the exiting process of the UK from the European Union. This set of texts composed the Brexit-related data set, in which different analytical tasks were performed. I explored the context in which the thematic keywords are found, compared statistically the three yearly subsets of the corpus, and searched the significant words of the subset in terms of their keyness strength. This case study revealed that the discourse around a major political event such as Brexit cannot be considered as neutral or objective, and that financial companies clearly expressed negative opinion regarding the 2016 referendum and the UK’s decision to exit the European Union.