Business was never unified on its stance towards Brexit, and very few assessments have studied how it will affect local economies. Might Bristol be the place to start?
In the run-up to the Brexit referendum, there was a common assumption that business was strongly in the Remain camp. This suited the purposes of those determined to paint the issue as one of the elites versus the people. It was never an accurate portrayal of the situation. Instead, businesses tended to line up along the narrow lines of their commercial interests or to remain on the sidelines (as was the case with large retailers such as Tesco and Sainsburys).
The City of London, which has gained from being inside the EU, predominantly backed Remain though some of the more activist hedge funds openly supported Leave. The car industry, predominantly owned from outside the UK but deeply integrated with the EU in terms of markets and supply chains, supported Remain. Other large manufacturers, most obviously Dyson – for whom the EU was only a small part of their overall market and whose supply chain stretched into Asia rather than the EU – were more critical of Remain. They were skeptical of ‘Project Fear’ and the idea that Brexit would cut off EU markets to any significant degree. They also saw advantages in getting out from under what had become portrayed as ‘gold-plated’ EU regulation. Continue reading