More than 170 UK Business Leaders Support a Second Brexit Referendum

More than 170 business leaders in the UK announced their support for a second referendum on Brexit.

Brexit has heavily divided the UK. On 16 January, British Prime Minister Theresa May’s Brexit agreement was defeated by MPs by an overwhelming majority of 230, the heaviest defeat for any British PM of the democratic era in the UK. Brexiteers argued that her Brexit agreement could keep the UK tied to the EU indefinitely whilst losing its say over its rules. Both Remainers and Leavers argued that the deal is worse than staying in the EU.

The move by the business leaders aims to demonstrate growing support for a “people’s vote” regarding Brexit. “Many businesses backed the Prime Minister’s Brexit deal despite knowing that it was far from perfect,” reads the letter from the business leaders to The Times newspaper. “But it is no longer an option. The priority now is to stop us crashing out of the EU with no deal at all. The only feasible way to do this is by asking the people whether they still want to leave the EU,” it continues.

The business leaders represent more than £100 billion of annual contributions to the UK economy. They warn that a ‘chaotic crash-out from the EU,’ could damage the UK economy further. Although some of said business figures had previously supported Brexit, they now believe a people’s vote is the only way to avoid a no-deal Brexit.

Signatories of the letter include renowned designer Terence Conran; Lord Foster, the architect of the iconic Gherkin skyscraper in London; architect Sir David Chipperfield; Nobel laureate and research scientist Paul Nurse; and former chairman of British Telecomunications Mike Rake.

Both political parties in the UK have so far dismissed the prospect of a second referendum. The leader of the Labor party, Jeremy Corbyn, is pushing for a general election after the vote of no confidence in the government marginally lost last week. The Prime Minister, on the other hand, has pledged to speak to senior MPs to find a compromise deal.

Many fear that the UK is heading for a catastrophic no-deal Brexit on 29 March, 2019, after the dismissal of May’s Brexit plan, an event that could heavily affect the UK economy. Indeed, the UK economy is already approximately 1.5% smaller than it would have been without the Brexit vote due to the uncertainty surrounding Brexit, according to the Financial Times. The export industry, creative businesses and property businesses are expected to be hit especially hard.

By Amy Jones

Image source: The Guardian