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Funds trade body says Brexit already hurting UK

Funds trade body says Brexit already hurting UK

by Elliot Smith Oct 10, 2017 at 09:48

Foreign investment in the UK has begun to drop and jobs are being moved abroad as a result of the Brexit process, according to the chief executive of the Investment Association (IA).

Speaking at a fringe event at the Scottish National Party conference alongside SNP Brexit spokesman Mike Russell and MSP Keith Brown, Chris Cummings said the UK was already suffering from the vote to leave the European Union.

He said: 'The big decision is how we can look after our clients, and that’s really where the rubber hits the road. I can tell you that Christmas is the date that is often spoken about when contingency plans will be put in place, but jobs are already leaving. Not people, because people don’t move that easily, but jobs are going. Whether that’s to Paris, where we’ve seen jobs grow, or to Frankfurt, the real winners are going to be New York, Shanghai, Singapore.

'Secondly, the thing that worries me is that we are already losing the next round of foreign investment that would have come to the UK. I can point to examples where things that the UK would have won in the past haven’t arrived here in our country. 

'That is because there isn’t investor confidence in where this will end up.  That is the kind of message that we are delivering to government. We have to be that constructive voice explaining what the issues are, rather than being cast aside as people who seek to reverse a democratic decision, which diminishes influence.'

Brown described these revelations as 'chilling', adding: ‘It isn’t possible to have a good Brexit. You can’t have a successful Brexit, that’s not going to happen. What we will try to do is mitigate the disaster as much as we can.’

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Comments  (4)

  • an elder one: 

    Conjectural waffle!

    19:05 on 10 October 2017

  • Bestmate: 

    @ an elder one

    No it is not, it is common sense. If you were a sitting director on a board about to make an investment decision for say a new car manufacturing plant where would you choose, the UK or the EU? In fact, the same scenario could play out for any foreign owned company planning to invest in the general area of Europe. We need to wake up and fast!

    19:25 on 10 October 2017

  • Anonymous 1: 

    I must keep up.I didn't realise that New York, Shanghai & Singapore were part of the EU.

    20:00 on 10 October 2017

  • an elder one: 

    Bestmate' it's an opinion, nothing more; might prove true, might not. This argument has been going on for ever; only time will tell. There is risk; we all know that. Depends whose company you represent by all accounts to date.

    Incidentally, what do you suggest we should do, on awakening any time at all. On latest news it seems we have the simple choice, leave the EU, or stay - nothing is otherwise negotiable.

    22:07 on 10 October 2017

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