Richard Branson Warns Of ‘Full-Scale Disaster’ In No-Deal Brexit Scenario


In an open letter, Sir Richard Branson has claimed that the United Kingdom is “dangerously close to the full-scale disaster” of a no-deal Brexit. He accused Theresa May, the British Prime Minister, of acting against the national interest.

The Virgin tycoon is not a resident of the United Kingdom for tax purposes. He said that the economy had already sustained damage as an outcome of Brexit. He warned that a no-deal Brexit scenario would trigger a “multi-generational disaster.”.

He urged for a public vote that will give the people the chance to choose between a range of options regarding the future relationship of the United Kingdom with the European Union.

The billionaire, who was revealed to be helping fund a group that is fighting to stop Brexit in 2016, stated: “This is a moment of profound national crisis for the UK.”

Branson wrote: “Prioritising party over country, the prime minister is no longer acting in the national interest. Instead, she has decided to pitch herself as the defender of the ‘people’ against the machinations of parliament.”

He added: “By limiting the MPs’ choice yet again to one between her own deal and no deal at all, she is placing a dangerous bet.”

Branson is worth £4.5 billion because of his investments in rail, air, leisure, and finance. He said that the preparations for Brexit and the uncertainty around the form that it would take had already cost the economy “billions.”

He stated: “Thousands of jobs in Britain have been lost already, with many more redundancies on the horizon as manufacturers react to the looming threat of tariffs and supply chain disruptions.”

He added: “More than a trillion pounds in assets are being moved to Dublin, Frankfurt, Paris, and other European cities as financial institutions begin to execute their contingency plans. And Brexit preparations alone have eaten up billions that could have been spent elsewhere.”

He continued: “These consequences are real and tangible. They affect people everywhere across the UK. They affect investment in the UK, the nation’s ability to trade goods and services, to travel, to jointly tackle global challenges, from climate change to terrorism.”

He said that the British electorate should be given a final say regarding Brexit, with all of the options left on the table, since their views might have changed since the referendum.

Branson said that if people were not given a final say, the government of the United Kingdom should revoke article 50 and restart the Brexit process.

He concluded: “There is little time to avoid a multi-generational disaster.”