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Brexit not such a sterling idea

UK businesses warn of Brexit consequences.

Following British Prime Minister David Cameron’s new settlement with the EU, the British pound lost over three per cent to below $1.40. Moreover, analysts are predicting that the pound will continue falling, perhaps as low as $1.30 - this would be the lowest level since 1985, when Margaret Thatcher was still premier.

Brexit fears are also causing British businesses plenty of worry. In fact, most of the UK’s big businesses are throwing their weight behind the UK’s EU membership.

Martin Temple, the chairman of the UK manufacturers’ organisation EEF has warned that a vote to leave the European Union would amount to a step into an “abyss of uncertainty and risk”.

Temple, in a letter written to the UK Times and signed by nearly 200 business leaders, warned that leaving the EU would “deter investment, threaten jobs and put the economy at risk”.

These 200 business leaders, which together employ more than 1.2 million people in the UK, include Toyota, Whitbread and Nissan. Johan van Zyl, the president and chief executive of Toyota Motor Europe, said that, “We believe continued British membershop of the EU is best for our operations and their long-term competitiveness”.

Following its worded intervention, the EEF is set to release research, conducted by GfK, which shows that 61 per cent of its members are in favour of EU membership.

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