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Brewdog CEO Warns Brexit "Has Been Tragic for UK Businesses"
Gordon MP Richard Thomson has said "independence is Scotland's only route back to EU prosperity" - as BrewDog becomes the latest company to warn about the devastating impact of Brexit on UK businesses and the cost of living.
In an interview with Bloomberg, BrewDog CEO James Watt warned:
"Brexit has had a significant negative impact on our business, which is really tough... getting beer to our customers in Europe is significantly more difficult. For me, it's just massively handicapped UK companies that do business in Europe, with zero benefit at all. I think it's been tragic for UK business and a lot of the economic issues the UK is facing - more inflation than other places, being harder to do business, is a result of the catastrophic decision to leave the EU. It's really crippled businesses in the UK."
The multinational brewery and pub chain is based in Ellon and produces over 800,000 hectolitres of beer.
It comes amid growing warnings about the impact of Brexit on the economy and UK inflation, which is higher and more stubborn than in the EU. Last week, former Bank of England governor Mark Carney warned Brexit is causing "a weaker pound, higher inflation and weaker growth" - with the OBR forecasting a 4% hit to GDP and 15% blow to UK trade intensity.
Last month, research from the London School of Economics (LSE) found Brexit had added £7billion to UK food bills - with households £250 worse off on average. Separately, analysis from Bloomberg Economics found Brexit has cost the UK £100billion a year in lost output.
Commenting, SNP Business spokesperson and MP for Gordon Richard Thomson MP said:
"The Conservatives and pro-Brexit Labour Party have trashed the UK economy and inflicted long-term damage on businesses and the cost of living - showing why it's essential Scotland escapes Brexit and Westminster control with independence.
"Independence is Scotland's only route back to EU prosperity - and rejoining the EU is the only credible plan to deliver sustained economic growth. While Rishi Sunak and Keir Starmer obsess over Brexit, the SNP is the only party offering real change with independence.
"There is no doubt that Brexit has made the cost-of-living crisis worse - and it has set the UK economy on a path to long-term decline. At the next election, voting SNP is the only way to secure independence, escape Brexit and get rid of unelected Conservative governments for good."
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Note for Editors:
https://twitter.com/BloombergUK/status/1673935812864671744?s=20
'Brexit to blame for rising inflation, says former Bank of England governor' - https://www.theguardian.com/business/2023/jun/17/brexit-to-blame-for-rising-inflation-says-former-bank-of-england-governor
'Brexit Caused a Third of UK Food Price Inflation, LSE Paper Says' - https://www.bloomberg.com/news/articles/2023-05-24/brexit-caused-a-third-of-uk-food-price-inflation-lse-paper-says#xj4y7vzkg
'Brexit Is Costing the UK £100 Billion a Year in Lost Output' - https://www.bloomberg.com/news/articles/2023-01-31/brexit-is-costing-the-uk-100-billion-a-year-in-lost-output#xj4y7vzkg
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