ADS Group has said it now has the capabilities of tracking “the very real economic damage” being caused by the continuing uncertainty over Brexit. The body’s warning of an economic crisis is coming as insurance trade body, the ABI, said a no-deal Brexit “would be an unforgivable act of economic and social self-harm.”
While the United Kingdom is due to leave the EU on 29 March, no deal has been put in place for the exit with Prime Minister Theresa May facing growing pressure to delay Brexit if no deal is agreed by then.
ADS is the aerospace and defence trade group representing some of the largest companies operating in the UK, including Airbus, Boeing and BAE Systems. Chief executive, Paul Everitt, said its members needed a “firm transition period and negotiations on the UK’s future relationship with the European Union commenced at the earliest opportunity”. This is coming amidst growing anger among many business groups over the continuing uncertainty.
On Sunday, Mrs May announced that MPs will have the opportunity to vote afresh on the Brexit deal by 12 March, an announced that has prompted expressions of dismay by several business groups.
CBI deputy director general Josh Hardie has also described it as “the latest signal to businesses that no-deal is hurtling closer”.
“It must be averted. Every day without a deal means less investment and fewer jobs created,” Josh said.
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About Phillip Private Equity
Phillip Private Equity is one of the leading private equity firms in Singapore. Formerly known as ECICS Management Pte Ltd, the company offers a wide range of financial services with a focus on providing capital in the form of equity and debt to innovative enterprises across select stages, sectors, and geographies.
The company aims to create businesses with lasting and significant value by closely working with investee companies to accelerate their growth and help them achieve their potential. Phillip Private Equity has a team of fund managers with more than 20 years of experience managing proprietary, in-house and 3rd party funds. The investment objective is to deliver investment returns while safeguarding stakeholders’ interest by protecting against downside risks.
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