Brexit is exhausting our business and wrecking the country’s tremendous reputation as an economic powerhouse. The U.K.’s historic stable political climate has facilitated huge investments from companies like Siemens over the years, and we are at risk of losing that critical pillar of economic stability. I know this view is held by many of my colleagues leading businesses here too.
As time has worn on, and with the prime minister’s deal defeated yet again on Friday, this political frenzy has moved us dangerously close to permanent damage for the U.K.
From the outside, it’s very difficult to follow the political ins and outs and the only certainty that remains is that failure to agree a deal or an alternative way forward before April 12 will lead to a hugely damaging no-deal Brexit. Many of you already know this.
The U.K. Office for National Statistics on Friday confirmed investment is in its worst slump since the last recession, and we already know 80 percent of businesses say Brexit has damaged investment decisions. Worse, the damage this is doing to the country’s hard-won reputation as a serious and stable place to do business is now all too real.
The world is watching, and where the U.K. used to be beacon for stability, we are now becoming a laughing stock. I personally can no longer defend the action of our parliament when reporting to my managing board, making it hard to win support for finely balanced investment decisions that in the end have an impact on U.K. jobs, innovation and the competitiveness of our activities here.