Britain should leave the European Union because the 28-nation bloc is barely growing and is failing to “help its citizens.”
That’s according to the CEO of a property investment firm Quidnet Capital Partners, Richard Tice.
Tice told Bloomberg that while investment banks and some bosses at Britain’s biggest companies believe that a Brexit would be catastrophic for the island country, the UK could be a lot better off at determining its own fate by voting “out” of the EU.
“The biggest risk is staying in something that, frankly, is flatlining and not helping its citizens,” said Tice to Bloomberg.
Tice, whose company manages £500 million ($US756 million) worth of real estate, added that leaving would be a “very simple process” and that “I don’t think there’d be any disruption at all. This is not cataclysmic.”
Last week, a team of Bank of America Merrill Lynch analyst led by Robert Wood, warned that if Britons voted to leave the EU in the referendum scheduled for 2017, the UK would experience so much economic pain that it would make the EU stronger, because no other country would ever want to leave.
“In our view there would be serious economic fall-out for the UK in the short- and long-term if voters choose to leave the EU,” said BAML analysts in the report.
“In the long term, the UK could cope outside the EU: other countries do. But coping does not mean the UK would be better off: exiting would be a costly backward step in our view. How costly would depend on post-exit policies. The fallout could be acute if Britain chose to withdraw from the process of globalisation.”
Prime Minister David Cameron and Chancellor George Osborne don’t want to leave the EU and have promised Britons that the government will renegotiate a “better deal” with Brussels. This week, Cameron outlined exactly what he is asking for and what he hopes to achieve in renegotiating some of the terms of Britain’s EU membership in order to keep the UK within the union.
The influential business group, the Institute of Directors, said last week that business leaders are backing the push for renegotiation but not an exit.
“Our members value access to the single market, and want to see it completed to create a true level playing field for their services, but businesses do not want the UK to take part in further political integration. As the Eurozone takes the steps it needs to build a stronger currency union, the Chancellor is right to insist on protections for the UK and other EU members who are not part of the single currency,” said Simon Walker, Director General of the IoD.
“This is an important part of the Government’s negotiations, but it is not the only part. The overriding aim must be to secure reforms which make the whole of the EU more competitive, benefiting companies of all sizes, even those which don’t export.”
A poll of 1,259 IoD members during April to May also showed that two thirds of respondents believe that the benefits of staying within the EU outweighed the potential negatives.
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