Arthur Wilson
Knowing what business leaders think about Brexit may put things in perspective and perhaps temper the fear with some amount of optimism.
Both the political sphere and the business sector are divided into those who want a UK-EU deal and those who are pushing for a no-deal Brexit.
Although the majority of British companies are pessimistic about Brexit, there are also business titans who remain optimistic amid the warnings about the economy going on a recession and the political turmoil that may persist. Knowing what business leaders think about Brexit may put things in perspective and perhaps temper the fear with some amount of optimism.
“Our future outside the EU is very bright.” – Sir James Dyson
Dyson is bullish about the future with the UK having control of its own trade policy. He argues that the EU needs the UK and not the other way around. With the UK’s position as one of the EU’s largest trading partners, Dyson believes this can be leveraged to get better trade deals. With the UK in control of its currency, economy, immigration, and trade policy, Dyson believes that Britain has everything to gain from Brexit and the new opportunities it brings.
“The UK is dangerously close to full-scale disaster.” – Sir Richard Branson
Branson argues that the initial assumptions about leaving the European Union were correct, citing the large-scale job losses and redundancies that have happened since the 2016 referendum. Threats of tariffs and supply chain disruption are forcing companies to move their operations and assets elsewhere to carry out their contingency plans. Branson is in support of a decent UK-EU agreement and opposes a no-deal Brexit.
“Never forget that we have a decent set of cards.” – Sir Jim Ratcliffe
The founder of the petrochemical giant Ineos is one of the most prominent supporters of Brexit. Ratcliffe argues that the UK will thrive independently of the European Union. Ironically, Ratcliffe is moving his business to Monaco to reduce the company’s tax bill. Despite this, Ratcliffe stresses he remains committed to the UK.
“A no-deal would mean a real economic shock.” – Mark Carney
The former Governor of the Bank of England has warned that a no-deal Brexit would cause an instant shock to the economy. Carney stressed that a change in trade policy could result in lower real incomes, more expensive food and petrol, and a decline in the value of the pound.
“Ninety-percent of the benefits of leaving the EU…need no agreement from any third party”—Tim Martin
The founder and chairman of the pub chain, JD Wetherspoons, is a staunch supporter of Brexit and has started replacing EU drinks with UK products in his chain of pubs. Martin argues that the UK can remove tariff barriers on imports from countries outside of the European Union. With a trade policy independent of EU rules, British consumers can enjoy lower prices on imported spirits.
Whilst large businesses and organisations are perhaps best placed to mitigate the disruption that Brexit will undoubtedly bring, deal or no-deal, it’s smaller exporting businesses who, having spent much of 2020 trying to deal with the ongoing pandemic, often lack the in-house resource and expertise when big market changes occur.
What will the future of Brexit hold? Whilst we know reasonably well the different potential outcome scenarios, it’s anyone’s guess as to which one will become reality. And after what 2020 has thrown at businesses so far, many firms may see Brexit as a smaller hurdle to face compared to coronavirus - or the straw that breaks the camels back.
