Electronics retailer Maplin has today (Wednesday) fallen into administration.
Maplin CEO Graham Harris said the devaluation of the pound following the Brexit referendum was a major factor in the company’s difficulties.
Commenting, Peter Kyle MP, leading supporter of the Open Britain campaign, said:
“Hopefully a solution will be found that will save the 2,500 jobs and 200 stores affected by Maplin’s fall into administration.
“As the CEO of Maplin, Graham Harris, highlighted, since the referendum the pound has taken a battering. That has led to inflation which has squeezed pay and profits, and uncertainty about our economic future has continued to grow. Far from ushering in a bright economic future, the threat of Brexit has put jobs and investment at risk.
“The fact is that the Brexit we were promised in the referendum simply cannot be delivered.
“The Government should act to restore business and consumer confidence by ruling out a hard Brexit and instead committing itself to permanent membership of the Customs Union and Single Market. But if Theresa May opts to follow the ideological approach of the hard right Brexiters who have so far set the tone for her policies, then today’s bad news will unfortunately not be the last.”