Politics

Bristol Reacts to Theresa May’s Brexit deal draft

Quite a stir has been caused across the UK by the announcement of Theresa May’s Brexit deal.

Subsequent to the news that cabinet ministers Esther McVey and Dominic Raab had quit over the draft withdrawal agreement, while a letter of no confidence has been sent by Jacob Rees Mogg to the prime minister, the value of the pound plunged.

Theresa May now has her cabinet’s backing over the 385-page agreement, despite the noise out of Westminster.

Reaction to the news has been mixed in Bristol however.

More uncertainty is being created by the political instability surrounding the agreement at a time when businesses were hoping to start making future growth decisions, says Bristol business chamber Business West’s Phil Smith.

He also said that a no-deal-Brexit would threaten the viability of many exporting firms and, be enormously damaging for businesses in the region.

Darren Jones, Labour MP for Bristol North West says he will not vote for the deal, saying that it is clear that Brexit is bad for Bristol and Britain.

Chris Skidmore, Tory MP for Kingswood, however tweeted that the deal does deliver on the referendum result.

Senior analyst at Hargreaves Lansdown financial firm (which has offices on Bristol harbourside), Laith Khalaf, says that share prices would experience further distress if Brexit unravels in the next few days.

He also said that a weaker pound, if sustained, would spell bad news for an already struggling retail sector, since consumer incomes would be squeezed and price of imported goods hiked.

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