Tags: EU | Brexit

Branson Warns Less Virgin Investment in No-deal Brexit

Thursday, 11 July 2019 06:38 AM

LONDON (AP) — Virgin Group founder Richard Branson has warned that a no-deal Brexit will force the company to invest less in Britain because of pressures on the pound.

Branson told the BBC that if the U.K. leaves the European Union without a deal, it would force his company to shift investment because its costs are in dollars. He noted that the pound was at $1.53 when the 2016 referendum took place, and now trades at $1.25.

Traders 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 no-deal Brexit.

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

Follow AP's full coverage of Brexit and the Conservative Party leadership race at: https://www.apnews.com/Brexit

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Virgin Group founder Richard Branson has warned that a no-deal Brexit will force the company to invest less in Britain because of pressures on the pound.Branson told the BBC that if the U.K. leaves the European Union without a deal, it would force his company to shift...
EU,Brexit
146
2019-38-11
Thursday, 11 July 2019 06:38 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved