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Sir James Dyson expects no Brexit deal

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    Sir James DysonImage copyright Getty Images

    Leave campaigner Sir James Dyson expects the UK to leave the EU with no deal, and trade to default to World Trade Organization rules and tariffs.

    Sir James, who founded the engineering firm Dyson, told the BBC such an arrangement would “hurt the Europeans more than the British”.

    Brexit uncertainty is an opportunity for firms to forge links with fast-growing economies, Sir James said.

    However, John Lewis has said Brexit uncertainty was hitting the UK economy.

    ‘No single market’

    Sir James told the BBC’s Today programme that Dyson, which became famous through its innovative vacuum cleaners, already pays the WTO tariff into Europe “and it hasn’t hurt us at all – we’re one of the fastest growing companies in Europe”.

    He said UK business did not need a transitional period to separate from the European single market, saying he thought the term “single market” was “quite wrong”.

    “It’s a series of different markets with different languages, with different marketing required and different laws…. it’s actually a very highly complex and broken up market,” he said.

    Media playback is unsupported on your device

    Media captionSir James Dyson says Britain will likely trade under WTO rules post-Brexit on Radio 4’s Today programme

    Sir James added that “business is about uncertainty”.

    “There’s always uncertainty in business, about exchange rates, conditions in markets, natural disasters…

    “I think uncertainty is an opportunity, and the opportunity here is actually that the rest of the world is growing at a far greater rate than Europe, so the opportunity is to export to the rest of the world and to capitalise on that,” he said.

    Parliamentary debate

    However, the chairman of the John Lewis Partnership, Sir Charlie Mayfield, told the Today programme that the pound and business confidence had been hit by the Brexit vote.

    “We should be under no illusions, Brexit is having an effect on the economy, no question. It’s the same for everybody, and the main effects are sterling and confidence.

    “Uncertainty is one of the consequences of this, and of course businesses never like uncertainty, because it makes it hard to plan for the future.

    View the original article: http://www.bbc.co.uk/news/business-41265718

    He called for “a serious parliamentary debate, to figure out what kind of Brexit we’re going to have in the best interests of the country and the economy.”

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