UKIP Argues Brexit Will Not Hurt UK Manufacturers

British business will not be harmed by a U.K. exit from the European Union, the leader of Britain’s eurosceptic U.K. Independence Party (UKIP) told CNBC — despite the latest survey showing the vast majority of manufacturers in favor of remaining in Europe.
“The fact is this country trades at a massive deficit with Europe. They sell us far more Mercedes and bottles of champagne than we sell them bottled beers and cars made here,” Farage told CNBC, adding, “They need us more than we need them.”

In a survey published Monday, U.K. manufacturing trade body EEF found that 85 percent of its members would vote to stay in the EU, with only 7 percent of companies voting to leave. The remaining 8 percent responded “don’t know.”

“Despite the continued challenges faced by the euro zone, manufacturers remain overwhelmingly of the view that our economic welbeing is inextricably linked to the EU and we must stay in membership,” EEF CEO Terry Sculoer said in a statement.
But Farage told CNBC the EEF was “just plain wrong.”
“You know, they are part of the big corporate set in Brussels,” Farage said. “They are dependent on Brussels to pick the crumbs from the table. They don’t want to show any opposition to it.”

via CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza