Brexit: No-deal will near-bankrupt UK, says Branson

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Virgin Galactic

Sir Richard Branson has warned that the UK will be left “near bankrupt” in the event of a hard Brexit.

He told the BBC he was “absolutely certain” that leaving the EU without a deal would lead to the closure of “quite a few British businesses”.

He said Prime Minister Theresa May had admitted that her version of Brexit was not as good as staying in the EU.

The entrepreneur was speaking from California after attending the latest Virgin Galactic space launch.

“I think Theresa May needs to be 100% honest with the public,” Sir Richard said.

“She’s admitted that a hard Brexit would be an absolute disaster for the British people.

“From our Virgin companies’ point of view, a hard Brexit would torpedo some of our companies,” he said, adding that Virgin Holidays would be hit as the pound would drop to parity and not many people would be able to afford to go abroad.

“If British business suffers, British people will suffer, and it’s really really important that people realise that.”