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18 April 2024

Branson warns less Virgin investment in no-deal Brexit

Richard Branson's Virgin Orbit, releases a rocket from underneath the wing of a modified Boeing 747 jetliner during a high-altitude drop test of the launch system for satellites near Mojave, California, US. (Reuters)


Virgin Group founder Richard Branson has warned that a no-deal Brexit will force the company to invest less in Britain because of pressures on the pound.

Branson told the BBC that if the U.K. leaves the European Union without a deal, it would force his company to shift investment because its costs are in dollars. He noted that the pound was at $1.53 when the 2016 referendum took place, and now trades at $1.25.

Traders see the possibility of a no-deal Brexit accelerating. Boris Johnson, the front-runner in the Conservative Party contest to replace Prime Minister Theresa May, refuses to rule out no-deal Brexit.

Branson says "it obviously is going to result in us spending a lot less money in Britain, and just putting all our energies into other countries.