U.K. seeks to reassure foreign investors over Brexit

Britain on Monday will seek to reassure foreign investors worried about Britain leaving the EU after Japanese automaker Nissan said it was scrapping a major planned investment less than two months before Brexit. Prime Minister Theresa May was due to hold a conference call with around 55 chairmen and chief executives of European multinationals with operations in Britain. “She’ll be stressing on that call the importance of the U.K. leaving the EU with a deal,” her spokesman said. Nissan’s decision not to build its new X-Trail vehicle at its factory in Sunderland in northeast England was “very disappointing,” he said, adding however that the company had confirmed no jobs would be lost as a result. Business Secretary Greg Clark was also due to make a statement to parliament on Nissan as Brexit supporters and opponents fiercely debated whether the decision was motivated by Britain’s impending withdrawal from the EU. Britain is on course to crash out of the bloc on March 29 after MPs last month voted massively against a divorce deal struck between May and EU leaders in December. Mr. Clark, himself, told the Financial Times that Nissan told him their decision was “a warning sign” of the damage that a no-deal Brexit could have on Britain’s car sector. Ms. May is now seeking to renegotiate her deal, particularly its contentious “backstop” provision to keep the Irish border free-flowing, in a bid to secure parliament’s support.

Source : https://www.thehindu.com/todays-paper/tp-international/uk-seeks-to-reassure-foreign-investors-over-brexit/article26179610.ece

About ChinmayaIAS Academy - Current Affairs

Check Also

‘Can’t intervene in Pak. denial of airspace to PM’

“The United Nations and other multilateral agencies … are neither designed nor empowered to intervene …

Leave a Reply

Your email address will not be published. Required fields are marked *