Brexit Harming Investment In The UK, Admits Minister

A cabinet minister has admitted that Brexit has harmed investment in the UK by creating new barriers to doing business.

- Jon Stone

Mel Stride's comments come as a string of business leaders ditch the Tories for Labour, citing the government's weak economic record. Speaking yesterday Mr Stride, the work and pensions secretary, said he accepted that new "frictions" between the UK and the EU "will have an impact".

The views are uncontroversial among economists and in business circles - but government ministers have largely avoided facing reality on the issue for political reasons.

Asked if Brexit had had an impact on business investment decisions into the UK, Mr Stride told the BBC: "I think if you have a situation where you create frictions between yourself and your major trading partners, I think you have to accept that that will have an impact." His comments come after Paul Drechsler, the chair of the International Chamber of Commerce UK, said Labour was now winning the argument on the economy.