THE STORIES BEHIND THE HEADLINES

Abu Dhabi

London

New York

Tuesday 20th March 2018

Top Entrepreneur Branson Issues Warning over No-Deal Brexit

Business

7Dnews London

Fri, 12 Jul 2019 00:44 GMT

British business magnate and Virgin Group founder Richard Branson has voiced a warning on Thursday, July 11th, that a no-deal Brexit will put pressure on the pound and as a result will force his company to invest less in Britain.

Explaining that a no-deal Brexit would cause the pound to plummet and ultimately be worth the same as the dollar, Branson told the BBC that this would be "devastating" for Virgin and force the group to shift investment out of the United Kingdom.

Branson further noted that the pound was at $1.53 when the 2016 referendum took place, and now trades at $1.25.

Branson had previously warned in December that the UK would be left "near bankrupt" if there was a hard Brexit.

Businesses see the possibility of a no-deal Brexit accelerating. Boris Johnson, the front-runner in the Conservative Party contest to replace Prime Minister Theresa May, refuses to rule out a no-deal Brexit. He even went as far as saying he would definitely choose that option, should a deal not be agreed by the currently scheduled exit date for the UK’s exit from the European Union, which is set for October 31st.

According to AP, Branson said "it obviously is going to result in us spending a lot less money in Britain, and just putting all our energies into other countries.”


Europe