McGovern – Brexit is harming foreign investment and putting UK jobs at risk

Britain’s foreign direct investment position has fallen in to deficit, the Office for National Statistics say, with a big drop coming after the EU referendum last year.

It comes as Vauxhall announced 400 job losses at its Ellesmere Port plant. PSA, Vauxhall’s owners, say they will only be in a position to consider future investment in the plant once the UK’s future relationship with the EU is known.  

Commenting, Alison McGovern MP, leading supporter of Open Britain, said: 

“It’s clear Brexit is already having a destructive effect on investment into Britain, putting jobs at risk and harming our economy. For all Ministers pretend that all is well, the huge drop in foreign direct investment that happened in 2016 can only be linked to Brexit.

“We can see the real-world impact, as 400 people are being laid off by Vauxhall in Ellesmere Port. The company themselves say they will only be able to consider future investments in Britain when they know what our trading relationship with the EU will be.

“The hardline and extreme Brexit course the Government are taking is already making British working people worse off. As she heads to Brussels today, the Prime Minister needs to change course and negotiate to keep Britain in the Single Market and Customs Union to protect our economy and stop even more jobs being lost.” 

/ends 

Notes to editors:

PSA’s comments about Brexit are reported here: https://twitter.com/faisalislam/status/919889174316109824