A delegation of executives from companies including BP, Vodafone, Nestlé, BMW, and E.ON met with the UK prime minister and David Davis, Brexit secretary, on Wednesday to voice their concerns about what Brexit will mean for their UK operations.
“We gave very concrete examples of what is happening,” said one business leader who attended the meeting. “We are not going to invest in the UK until we see what the outcome is.
“The attractiveness of the UK for investments is very, very low,” they added. “The wait-and-see period is very negative for the UK.”
The delegation was led by Carl-Henric Svanberg, outgoing chairman of BP and new head of the European Roundtable of Industrialists (ERT) lobby group. The ERT represents Europe’s 50 biggest industrial companies, with combined revenues of more than €2.25tn. The ERT has repeatedly warned about the risks of disrupting trade between the UK and EU.
“The uninterrupted flow of goods is essential to both the EU and UK economies,” the lobby group said in a statement after the meeting. “This must be frictionless as with a customs union. We need clarity and certainty, because time is running out. Uncertainty causes less investment.” [...]
Full article on Financial Times (subscription required)
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article