One of Scotland’s leading business advisors has warned of serious repercussions for investment if the UK votes to leave the European Union.
Mark Cummings, Managing Director of Invicta Public Affairs, played a pivotal role in advising inward investors entering the Scottish and wider UK market from the likes of France, Germany, Netherlands, Italy and Spain. Under his stewardship, Invicta has advised over 150 businesses throughout the UK and beyond on projects worth in excess of £2 billon.
Cummings has added his voice to the growing list of business leaders, who believe the UK’s economic growth would be significantly impacted, should people vote to leave the EU in the June Referendum.
He said: “Divorcing from the EU would significantly reduce the UK’s attractiveness, from a foreign direct investment perspective, to large multi national companies who seek entry to our market because they deem it to be stable. Our clients tell us it would be disproportionately harmful to their operations in nations and regions across the UK. Added to this, exporting businesses rely on the access provided by EU membership to a common market of over 500m consumers.
“While it is true that London and the south may maintain their economic outlook by operating unhindered in the global market place most parts of the UK, especially those reliant on exporting to consumer markets, would suffer the risk of reduced investment and loss of jobs. Taken on top of continued UK policy uncertainty in areas such as renewables support, the cumulative impact could be incredibly damaging to our economic prospects.”
Manufacturing giants in the traditional industrial heartland of the North East of England including Nissan and Hitachi and Scottish engineering giants the Weir Group have echoed these concerns coming out strongly in favour of the UK voting to remain in the European Market
Cummings added: “The devolution of policy and regulatory power to the nations and regions of the UK is now embedded in some areas and emerging in others. The Prime Minister’s deal with EU leaders ensures that the UK can take its rightful place in the EU on terms we are comfortable with without impacting on the wishes of other member states.
“The devolved areas of the UK, be they nations or regions, will continue to benefit enormously from EU membership and we must all play our part in communicating this message to the public at large who have a vested interest in the job and wealth creation that EU membership enables.”