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CBI boss urges MPs to back Theresa May's Brexit deal or risk 'economic failure'  

The head of the CBI last night urged MPs to back Theresa May’s Brexit deal or risk ‘economic failure’.

John Allan, president of the employers’ organisation, said Brexit uncertainty was creating an ‘ever-growing cost’, with £800 billion of financial capital having already moved out of the UK.

Speaking at the CBI’s annual dinner in London, he said Parliament should do ‘whatever it takes’ to ‘resolve this mess’.

John Allan, president of the employers’ organisation, said Brexit uncertainty was creating an ‘ever-growing cost’, with £800 billion of financial capital having already moved out of the UK. He urge MPs to back Mrs May's deal 

He said: ‘I have a plea, from the heart of business, to the heart of politics. Resolve this gridlock. Do whatever it takes and do it fast.

‘The Prime Minister’s decision to bring back the Withdrawal Bill in early June is one more opportunity for Parliament to resolve this mess. 

Parliament must seize that opportunity – if not, the uncertainty will become far more acute. 

It’s not for business leaders to tell politicians when to trigger democratic events, but be in no doubt – political failure today means economic failure tomorrow. We need to find a way through.’

Mr Allan also issued a blunt warning that Labour’s plan to nationalise Britain’s utility companies and electricity grid would damage investment and hurt ordinary savers.

He said the controversial proposals would ‘harm the people they are supposed to help’ – including millions of pensioners whose savings are tied up in the National Grid’s shares. 

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