INTERNATIONAL – The chief executive of Philips said on Monday he was worried about the lack of progress on a deal over the terms of Britain’s exit from the EU, and warned that a no-deal Brexit would jeopardise the country’s position as a manufacturing hub.
“As time passes and there is no solution I get increasingly worried that hereafter frictionless trade between the UK and European mainland could be at risk,” Frans van Houten told reporters after the company posted worse-than-expected third-quarter earnings.
“Basically the UK as a manufacturing hub for the world would be at risk.”
in exporting plant in England is at Glemsford, where Van Houten said he would expect production to fall in case of a “hard” or no-deal Brexit.
“We are looking at a customs union as a minimum (requirement),” for a negotiated Brexit, he said. “If that were not to happen we would need to rethink our manufacturing footprint.”Reuters