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Fintech exec calls for drastic action to break stifling Brexit deadlock

Angus Dent, CEO of P2P fintech firm ArchOver

British business is being stifled by the lack of a clear Brexit outcome, with the need increasingly clear for decisive government action, a leading fintech executive has demanded.

Angus Dent, CEO of P2P fintech firm ArchOver, made his comments following the UK Government’s Brexit defeat at the hands of MPs last night, and today’s Commons statement from Chancellor Philip Hammond who warned that a disorderly Brexit would deal a ‘significant’ blow to economic activity in the short term.

“Unsurprisingly, the politicians have decided to do nothing,” said Dent. “They abdicated responsibility for this when they agreed to the referendum in the first place. All this uncertainty is crippling us. It’s time we simply left and took whatever chaos is coming our way.”
Dent pointed to research that he said showed over a third of British businesses have been unable to launch a new product, diversify their business or even meet their cashflow needs in the last year as a result of insufficient funding, all stemming, he claimed, from Brexit uncertainty.

“The pressure of not knowing what’s going on is taking its toll,” he continued. “We need to get less defensive and more entrepreneurial. Immediately after leaving we should drop corporation tax to 10%, remove all tariffs, keep the border with Ireland open, employ another few thousand police officers and build ships, tanks and aeroplanes to re-equip the armed forces and create manufacturing employment. We’ll have six to eight weeks of chaos, but cheaper imports from outside the EU will increase and take inflation down. After three months the EU will come back for an agreement. Ireland and Holland will go bust and Germany won’t be far behind without competitive access to UK markets. The French and Italians have their own problems at present. Enough dithering – it’s time to act and get past this mess.”

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