Confederation of British Industry president Paul Dreschsler has expressed concern over a likely decline in investment interest in the UK due to Conservative MP’s plans for a hard Brexit.
Speaking on Monday, the Financial Times reports that Dreschsler said plans to nationalise British industry, including water, railways and energy networks would also obstruct the UK’s ability to navigate nationalisation and lead to negative investor sentiment.
Dreschsler says: “I’m hearing of potential investors in this country reaching for their coats. They’re not going to risk putting their money into an economy that soon might face export barriers to its single biggest market … let alone invest in companies, assets and services that could soon be taken over by the state.”
Dreschsler says some common ground between the CBI’s views and the Labour party’s ideology-driven policies is evident, with Jeremy Corbyn’s party also calling for staying in customs with the EU post-Brexit.
With CBI campaigning to remain in the lead-up to the referendum, Dreschsler says he will stick to the line that there is no investment benefit in leaving the EU.
He says: “We have got the evidence on the best way forward, from thousands of conversations with thousands of businesses. You want the hardest of hard Brexits? Show me the evidence that hard Brexit will deliver more jobs, prosperity and trade.”
Speaking on a recent Money Marketing panel, Aspect 8 chartered financial planner Clair Walsh said Brexit will have “far greater uncertainties” than Corbyn policies and does not consider his leadership and nationalisation plans as a “big risk” for the country as it navigates EU exit.