Britain has lost its spot in businesses’ top five locations for investing due to the growing uncertainty following the decision to quit the European Union, according to a survey of executives conducted by consultancy firm Ernst & Young (EY).
Just two days before announcing his support for the pro-Brexit movement, the current British Foreign Minister reportedly wrote a “remain” article that was never published, in which he urged Brits to continue exploiting the advantages of EU membership.
A ‘hard Brexit’ could cost the UK Treasury up to £66 billion in tax revenues each year, according to leaked government papers seen by The Times. The documents also estimate a drop in GDP of up to 9.5 percent, compared with staying in the EU.
Britain’s financial watchdog has warned that Brexit puts the country’s finance sector at ‘significant’ risk with almost 5,500 UK-registered firms losing their right to operate freely across the European single market.