Thursday, February 13

Questions Raised Over Brexit Bosses Threat


 

 

Only one of the 190 companies whose bosses warned that Brexit would “risk the economy” has admitted to clear plans to cut jobs if the “Leave” campaign triumphs in June’s referendum.

A survey conducted by Sky News on Tuesday suggests that while bosses are prepared to warn of general disruption to the economy in the event that the UK votes to exit the European Union (EU), they have yet to work out how their own business might be affected.

HSBC, Europe’s biggest bank, said last week that Brexit was likely to force it to move approximately 1,000 London-based jobs to Paris because of the importance of Europe’s single market in financial services.

Sky News contacted the overwhelming majority of the companies which signed Tuesday’s letter, which was orchestrated by Downing Street officials and Baroness Rock, a senior figure in the Conservative Party.

The companies were asked whether they were drawing up plans to cut jobs and investment in the UK, and whether they were delaying investment decisions until after the referendum.

Dozens responded by saying that they had no plans to cut jobs or declining to comment.

Only a handful of smaller companies said they were reconsidering investment decisions.

The responses led to accusations of hypocrisy from pro-Brexit campaigners, one of whom said it was “disingenuous” for the business leaders to put their names to a letter warning that jobs were under threat if they had no such plans themselves.

On Tuesday evening, Toyota, the Japanese car-maker, issued a statement supporting the “In” campaign, and hinted that UK jobs could be at risk.

“We have carefully considered the implications for our manufacturing operations, should the UK leave the EU,” said Johan van Zyl, president and chief executive of Toyota Motor Europe.

“We are committed to our people and investments, so we are concerned that leaving would create additional business challenges.

“As a result we believe continued British membership of the EU is best for our operations and their long-term competitiveness.”

Jacqueline Gold, the boss of Ann Summers, and John Holland-Kaye, who runs Heathrow Airport Holdings, both signed Tuesday’s letter, and told Sky News that there were significant risks associated with Brexit.