Jacob Rees-Mogg's Dreamland Is a Nightmare for Britain's Bosses [Bloomberg Business News]
GSK plc American Depositary Shares (Each representing two Ordinary Shares) (GSK)
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Source: Bloomberg Business News
Emma Walmsley, chief executive of drugs giant GlaxoSmithKline Plc, intervened again in the Brexit debate this week, saying it was essential to tie up a transition deal soon. She wants zero tariffs on healthcare goods too, if possible. Ardent Brexiteers such as Jacob Rees-Mogg , the Conservative Party leadership hopeful, might dismiss this as yet another burst of self-interest from the business class elite. Yet some fascinating new research from the University of Sussex's U.K. Trade Policy Observatory shows Walmsley is absolutely right to raise the alarm. The report tries to model for the first time the potential impact of Brexit (in five possible guises from staying in Europe's single market to a no-deal departure) on Britain's individual manufacturing sectors. Under all scenarios, it's not a pretty picture for most industries. The chemicals and pharmaceuticals sector, of which Glaxo is a big part, is among the least fortunate. Look at this chart on exports:
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