Brexit: Should we stay or should we go?

Brexit headlines talk of immigration, security and Boris Johnson’s political career but, for most of us, the biggest concern will be on our wallets. Some say post-exit trade renegotiations would cripple the UK; others that BMW won’t stop selling us cars. So Gentleman’s Journal turned to the country’s leading executives for answers. The results, you won’t be surprised to learn, aren’t entirely conclusive…

(Photo: Charlie Best)

Net worth: £313 million

Verdict: In

One of the most influential women in British business, Baroness Lane Fox founded lastminute.com in the early 2000s. She was awarded a CBE in 2013 and has more recently turned her attentions to Europe. Lane Fox was also one of more than 50 leading female power figures who penned a letter expressing their support of Britain remaining in the EU.

“We are drawn from all walks of life. We work in medicine, retail, health, financial services… interior design and fashion. And we have all benefited from our membership of the EU,” they collectively wrote. When Lane Fox spoke to managementtoday.co.uk, she said: “Europe is an amazing project that we should strive to protect. If it disintegrates, we’ll be much less able to cope with huge global challenges.”

(Photo: Justin Williams/REX)

Value: £220 million

Verdict: Out

British entrepreneur and chairman of UK café chain Patisserie Valerie is best known for his work with Pizza Express. In 1992, he took over the UK high-street pizza chain where he was employed as chairman for five years. Under Johnson’s chairmanship, the share price rose from 40p to over 800p, and he left Pizza Express with a market capitalisation of more than £500m. Upon leaving, Johnson started Signature Restaurants, owner of exclusive British eateries The Ivy, Le Caprice and J Sheekey. He is vociferous in his feelings on Europe, telling London’s Evening Standard: “I know that the UK would thrive outside the EU. The EU costs us too much, hinders our trade with fast-growing economies and over- regulates… I believe we would be better off spending our money on our priorities rather than sending it abroad… Let’s take back control and Vote Leave.”

(Photo: Getty)

Value £1.7 billion

Verdict: Out

John Caudwell, founder of Phones 4u, is an ardent Brexiteer. His on-the-record statements include saying that he would “absolutely vehemently never [have] gone into Europe,” calling it a “fiasco.” The man who sold his phone company in 2006 for £1.46 billion, a decade after founding it, also said: “My only concern about coming out is that we snub our European partners, but equally if we don’t do it, we carry on paying all of these billions into a quango, into a preposterous bureaucracy, a completely preposterous unnecessary bureaucracy which bleeds Britain of wealth. What we get in return is a completely ridiculous tranche of legislation coming in that we don’t want so it’s the worst of all worlds. If we came out tomorrow, 10 years down the road, we’d be better off as a country as a result.”

Net worth: £30 billion

Verdict: In

Billionaire Wang Jianlin, who owns Sunseeker yachts and the firm behind the One Nine Elms development in London’s Battersea, insists it’s in Britain’s interest to remain. One of the many reasons for this is, he says, that Chinese companies could move their business elsewhere if Britain leaves. Previously described as the “richest man in China” and the 26th richest man in the world, Jianlin told The Sunday Times that Brexit “would not be a smart choice” for the UK, and separation ‘would create more obstacles’ for investors. Jianlin has plans to set up European headquarters in Britain, creating 10,000 jobs.

(Photo: Rex)

Net worth: £1.3 billion

Verdict: Out

Banker, businessman, and philanthropist Peter Cruddas is founder of CMC Markets, a UK-based financial derivatives dealer. He has donated £1m to Vote Leave and has spoken out about his expectations for the campaign, saying he expects it to raise at least £20m. He told The Financial Times: “This will be the Scottish Referendum times 10. It is a much wider, bigger issue… and it’s outside the control of politicians.” Cruddas argues that Britain’s business will prosper in emerging and fast-growing markets, and that attachment to Europe will hinder its ability to thrive globally. Cruddas is a treasurer of the Vote Leave Campaign.

(Photo: Getty)

Net worth: £34 million

Verdict: In

Sir Stuart Rose is one of the biggest names in the British retail industry, having served as the executive chairman of Marks & Spencer from 2004 until 2010. In this time, the company saw record-breaking annual profits of £1 billion per year. More recently, Rose has turned his attentions to Europe, but is rejecting claims that his stance is political: “I am definitely not a politician, I am a businessman… I am a businessman who cares deeply about my country and where it is going… Europe has served us well. I see the opposite argument as theoretical… [leaving Europe] would be a leap of faith and a leap into the dark.” So engaged in the debate is Rose, that he is the Chairman of the Britain Stronger in Europe campaign.

Verdict: Out

Trainer specialist Reebok was founded by Joseph William Foster in a small British town in 1895. Today it is one of the world’s leading sportswear shoe brands, having been bought by Adidas in 2005 for $3.8 billion. Foster’s grandson, Joe Foster, now runs the company, and believes that staying in the EU threatens British brands such as his. “Britain has a proud heritage but I fear its ability to trade globally and access new markets is being severely constrained by its membership of the EU,” he wrote in The Telegraph last year. “In a world where global markets are king and supply chains span continents, the EU is focused on pursuing regional policies that erect barriers to the outside world, rather than breaking them down.” Foster believes Brexit will give Britain more power over its trade deals, both in Europe and globally.

(Photo: Brendon Thorne/Bloomberg)

Annual pay: £3.5 million

Verdict: In

“I think it is in the economic interest of Britain and the EU to stay together,” businessman Joyce, who was born in Ireland and is now based in Sydney, told The Financial Times. “What has happened in the EU in terms of free trade and the growth of economic activity has been good for the UK and the EU.” Joyce is no stranger to public controversy, having overseen the game-changing alliance between Qantas and Emirates and restructuring the domestic and international departments of Qantas into separate bodies. Joyce joins other key-players in the travel industry in his views on Europe, including Ryanair CEO Michael O’Leary and head of easyJet Carolyn McCall.

This article originally appeared in our May/June issue, for more like this, subscribe here

(Main and featured image: Yves Herman/Reuters)