11-16-2016, 09:19 PM
More evidence of the cost came Monday: A third of U.K. business leaders say they have delayed or canceled investments in the wake of the vote to leave the European Union, putting at risk projects worth an estimated £65.5 billion ($82 billion). More than 40% of large and medium sized companies have abandoned investments because of Brexit, according to a survey of senior executives commissioned by Hitachi Capital and the Centre for Economic and Business Research. The rate was 23% for smaller firms, possibly because they do less business overseas. The sharp drop in the value of the pound was the main reason for rethinking investments, the survey found. The currency has fallen 15% against the dollar following the EU referendum, putting pressure on companies that sell products in Britain but count their profit in other currencies.
Brexit cost: $82 billion in lost investment - Nov. 14, 2016
Britain is probably leaving the EU customs union, Boris Johnson, the foreign secretary, has claimed, despite Whitehall warnings that it could seriously harm the economy. The cabinet minister made the revelation in an interview with a Czech newspaper, despite Theresa May’s insistence that her government will not be providing a running commentary on Brexit. According to the interview, which was reported in Czech, Johnson said: “Probably, we will need to leave the customs union, but this is a question which will be dealt with in the negotiations”. The move is likely to alarm businesses that move goods to and from the EU as it would mean extra checks at the border. A leaked cabinet paper revealed by the Guardian last month showed ministers have been warned that pulling out of the EU customs union could lead to a 4.5% fall in GDP by 2030 and the clogging up of trade through Britain’s ports. The issue has caused a split among ministers, with Liam Fox, the trade secretary, pushing for the UK to leave because membership of the customs union prevents the negotiation of independent trade deals with non-EU countries..
Britain probably leaving EU customs union, says Boris Johnson | Politics | The Guardian