Tech billionaire Mike Lynch has said he is in favour of the UK remaining in the European Union.
When asked what his opinion is on “Brexit” versus “Brexin,” he said: “For me personally, I think it would be lunacy to leave and the reason is I’ve sat in rooms where overseas organisations have made decisions about where they’re going to put a factory or whether they are going to invest in a R&D centre.
“At the moment, they think about it should it be Holland, should it be Britain. It’s never going to be Britain if we’re outside the EU. They just will not do that.”
Lynch went on to give another example: a consortium of companies building an airport in Germany. “No one is going to put a British company in that consortium if you don’t know whether there is going to be a tariff on the British contribution because it will raise the price of the bid. So these are very real examples where there will be a very significant impact on inward investment and business in the UK.”
Several polls like this one have found that the vast majority of British technology companies are in favour of remaining in the EU but Lynch is concerned there are many other people across the UK who haven’t thought about the impacts of a Brexit on their businesses.
“What people don’t understand is, if you’re a Halifax hairdresser or a pizza shop, [you might think] it doesn’t really matter,” said Lynch. “All it has to do is affect 5% of our companies badly and people will stop coming into your shop and buying pizza because they won’t have a job.”
The EU referendum takes place on June 23.
Here is a video clip containing Lynch’s comments on Brexit.
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.