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UK already losing foreign investment because of Brexit, says IA

UK already losing foreign investment because of Brexit, says IA

Foreign investment in the UK has begun to drop and jobs are being moved abroad as a result of the Brexit process, according to the chief executive of the Investment Association (IA).

Speaking at a fringe event at the Scottish National Party conference alongside SNP Brexit spokesman Mike Russell and MSP Keith Brown, Chris Cummings said although the IA has been a constructive voice in the negotiations, the reality was the UK was already suffering.

He said: 'The big decision is how we can look after our clients, and that’s really where the rubber hits the road. I can tell you that Christmas is the date that is often spoken about when contingency plans will be put in place, but jobs are already leaving. Not people, because people don’t move that easily, but jobs are going. Whether that’s to Paris, where we’ve seen jobs grow, or to Frankfurt, the real winners are going to be New York, Shanghai, Singapore.

''Secondly, the thing that worries me is that we are already losing the next round of foreign investment that would have come to the UK. I can point to examples where things that the UK would have won in the past haven’t arrived here in our country. 

'That is because there isn’t investor confidence in where this will end up.  That is the kind of message that we are delivering to government. We have to be that constructive voice explaining what the issues are, rather than being cast aside as people who seek to reverse a democratic decision, which diminishes influence.'

Brown described these revelations as 'chilling', adding: ‘It isn’t possible to have a good Brexit. You can’t have a successful Brexit, that’s not going to happen. What we will try to do is mitigate the disaster as much as we can.’

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