Speaking on Bloomberg, Sir Martin Sorrell, the founder of WPP, also called on the Government to not “ignore” the German, French, Italian and Spanish markets during its negotiations in Brussels.
Answering whether he would prefer a “hard Brexit fast” or a “softer Brexit later”, he responded: “I would say soft first would be my answer… that's the option I'm taking.
“What you've just gone through is increased uncertainty isn't it. I assume the vote will pass today [in Parliament], we'll trigger Article 50 and then we'll have two years of tough negotiations.
Sir Martin Sorrell said businesses needed certainty about post-Brexit Britain
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The four EU markets – Germany, France, Italy and Spain – are in our top 10, we can't ignore them. The EU is a major source of business for us
Sir Martin Sorrell
“And basically if we look at the environment [there’s] very little growth – growth is around 3.5-4 per cent nominal GDP growth worldwide – very little inflation, although we'll get more inflation here if Trumponomics succeeds and we get infrastructure spending and a Keynesian boom over the next two or three years in the US, and maybe some inflation in the UK.
“But basically, very little inflation worldwide, very little pricing power and then a focus on costs.”
He said corporate earnings were not hitting the “top line” but were hitting the “bottom line” which indicated that businesses were “putting in short term cost programmes” following the Brexit vote.
EUROSCEPTICISM: These are the most eurosceptic countries Mon, January 16, 2017
EUROSCEPTICISM, meaning criticism of the European Union (EU). Rising disenchantment with the dealings of EU is not just confined to the UK.
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Sir Martin aired concerns over doing business in Europe if the Government did not prioritise specific EU nations.
“The four EU markets – Germany, France, Italy and Spain – are in our top 10, we can't ignore them. The EU is a major source of business for us,” he added.
“What business wants is reduced uncertainty, limited uncertainty. How do you run a business when every time you wake up in the morning and you listen to stuff on Bloomberg like this?”
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He also called for safeguards for his EU national employees working in the UK.
“We have 17,000 people in the UK out of 200,000 worldwide and 113 countries, and 17 per cent of those 17,000 are EU citizens, so they are worried… and vice versa with the UK citizens sitting in Europe.”
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