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 United Kingdom (UK) 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 USD1.53 when the 2016 referendum took place, and now trades at USD1.25.
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 said “it obviously is going to result in us spending a lot less money in Britain, and just putting all our energies into other countries.”