Hundreds of business chiefs have written to Conservative leadership candidates urging them to abandon plans for a no-deal Brexit.
More than 800 backers of the People’s Vote campaign for a second referendum — including lastminute.com founder Baroness (Martha) Lane-Fox, former City minister Lord (Paul) Myners, Justin King of Terra Firma and Richard Reed, a founder of Innocent Drinks — have called on the 11 runners to refuse to countenance a no-deal Brexit as it would lead to Britain operating under “the worst trading terms in the world”.
They said: “The willingness of so many candidates for the Conservative Party leadership even to consider imposing a no-deal Brexit on the country without the express approval of either parliament or the people is deeply troubling.
“Those of us who once looked to the Conservative Party for government in the national interest are dismayed to see that frontrunners to succeed Theresa May as prime minister are still refusing to take these risks seriously.”
The race to succeed May officially started on Friday, when she resigned as Tory leader. Of the 11 candidates, only three — health secretary Matt Hancock, former universities minster Sam Gyimah and Rory Stewart, international development secretary — have ruled out leaving the EU without a deal.
Esther McVey, former work and pensions secretary, and Andrea Leadsom, who quit as Commons leader in protest at May’s deal, have said they would seek to leave Europe without a deal as their plan A. The others, including Boris Johnson, Michael Gove and Dominic Raab, have indicated that they are prepared to pursue a no-deal Brexit if they cannot negotiate a new deal with Brussels.
The letter warns that the spectre of leaving without a deal on October 31 is already having an effect: “Such a prospect is undermining investment and overshadowing planning for any business dependent on trade with the EU.”
The full text of the letter:
Dear candidate,
The willingness of so many candidates for the Conservative Party leadership even to consider imposing a No Deal Brexit on the country without the express approval of either Parliament or the people is deeply troubling.
It would mean falling back on WTO terms — the worst trading terms in the world. Overnight we would go from frictionless trade with countries in Europe and beyond, covering nearly 60% of UK trade, to a system of swingeing tariffs, customs checks and regulatory barriers.
Such a prospect is already undermining investment and overshadowing planning for the future for any business dependent on trade with the European Union.
Those of us who once looked to the Conservative Party for government in the national interest are dismayed to see that frontrunners to succeed Theresa May as prime minister are still refusing to take these risks seriously.
We do not accept that the 2016 referendum, when the idea of a No Deal Brexit was dismissed by some of those who now loudly advocate for it, provided a mandate for leaving the EU in such a fashion. Nor has there been any test of public opinion either through polling or the ballot box that suggests there is a majority for it now.
We note that Parliament has already made it clear it opposes a humiliating and damaging No Deal Brexit.
Any Prime Minister or government that sought to force through such a departure from the EU without giving both MPs and the public a final say would be acting against the basic principles of democracy that have served our country so well.
