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CBI: Investors are spooked by hard Brexit plans

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.”

UK looks to align City regulations with EU in Brexit talks

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.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. I really do wish the CBI would stay out of politics. They are starting to look foolish over the brexit issue.

    We listen to fund managers & economists all the time on these issues and frankly they are more concerned by interest rate rises, government debt, personal debt and an aging population than brexit.

    The CBI sounds more like an anti establishment fringe party and less like a professional respectable organisation representing UK business at its best.

    What ever happened to the can-do entrepreneurial attitude that inspired me as a young man? In my 50 years I have never seen such pumped up misery thrown at us from all directions. You would have thought we were some back street third world country rather than what we are.

    God help us if we faced an actual serious disaster.

  2. Somebody please give Mr Dreschsler his coat.

  3. @Greg Heath – entirely agree with you. Mr Dreschsler is beginning to sound a little confused, to the extent that he could be accused by our EU friends of “cherry-picking”. On the one hand he finds common ground with the Labour party and, on the other, he expresses concern over economic threats of nationalisation.
    As regards anyone who cannot see any real risks to this country of a Corbyn leadership or widespread nationalisation, there is unsufficient time on this thread …

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