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Tag: Brexit

PSA boss compares no-deal Brexit to train crash

PSA boss compares no-deal Brexit to train crash

Business
The head of the car group that owns Vauxhall has compared a no-deal Brexit to a head-on train crash.PSA chief Carlos Tavares also said if a no-deal Brexit had serious consequences for the car group, there would be an ethical responsibility to protect employees outside the UK.He said the firm would take "necessary decisions" regarding PSA's UK plants.PSA also said it had halted investment at its UK factories while the outcome of Brexit remains unclear.Mr Tavares, who was speaking at the Frankfurt motor show on Tuesday, has warned previously that Vauxhall plants at Ellesmere Port and Luton were under threat from Brexit.'Jobs at stake'Mr Tavares castigated politicians on both sides for failing to find a solution to Brexit. Sending t...
Brexit: Firms have ‘no idea what’s going on’

Brexit: Firms have ‘no idea what’s going on’

Business
Many small firms can identify with Nimisha Raja's view of Brexit: "We have absolutely no idea what's going on."Ms Raja, founder and boss of Nim's Fruit Crisps, stockpiled supplies last year in the run-up to the original Brexit date in March.But she told the BBC she had no plans to do the same ahead of 31 October.Ms Raja is not alone. New research by the British Chambers of Commerce (BCC) shows 41% of UK firms have done no risk assessment on the impact of Brexit.The BCC survey canvassed the views of more than 1,500 business leaders."Last time we stockpiled, it came to absolutely nothing. We were lucky enough to get a deal with the NHS and we were able to use the products that we had stockpiled," said Ms Raja, whose factory is base...
Pound rallies while CBI welcomes ‘chink of light’ over no-deal Brexit

Pound rallies while CBI welcomes ‘chink of light’ over no-deal Brexit

Business
By John-Paul Ford Rojas, business reporter The pound has enjoyed its best two-day rally in ten months as investors and business groups welcome the vote by MPs to try and stop a no-deal Brexit.The CBI described the cross-party alliance's victory over Boris Johnson as a "small chink of light for business" but warned that uncertainty would continue to hold back investment. Carolyn Fairbairn, director-general of the lobby group, called for a "spirit of compromise" in Westminster to avoid an economic crisis.Her reaction came as the pound added to gains seen on Wednesday as the House of Commons backed a law to try to avoid a no-deal scenario, reaching its highest level since the end of July.Ms Fairbairn said: "From the political turmoil a sma...
Bank of England: No-deal Brexit not as bad as we thought

Bank of England: No-deal Brexit not as bad as we thought

Business
The negative impact of a no-deal Brexit will not be as severe as originally thought because of improved planning by the government, businesses and the financial sector, the Bank of England has said.Governor Mark Carney told the Treasury select committee that the Bank now believes GDP will fall by 5.5% in the worst-case scenario following a no-deal Brexit - less than the 8% contraction it predicted in last November. The Bank's revised assessment of the possible scenarios also says unemployment could increase by 7% and inflation may peak at 5.25% if the UK leaves the European Union without a deal. Image: Unemployment could increase by 7%, according to the Bank While he warned that there would still be an economic impact, with food bills...