A top buy out boss has said that a hard Brexit will be good for private equity companies snapping up bankrupt firms, but bad for working people and the country.
His comments underline the need for a deal with the EU that retains workers rights and tariff-free access to the single market.
Guy Hands, chairman of private equity giant Terra Firma, said Britain will have to scrap much of its social safety net and could see a 30 percent decline in wages in real terms over the next 20 years, if it is to compete outside Europe.
“Sadly, and this is always one of the strange things about business, I think it’s probably a bad thing for the majority of people and bad for the country, but I think, for my business, it’s probably going to be good,” Hands told Bloomberg news.
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