Business

JCB leaves CBI 'over Brexit stance'

Picture of Anthony Bamford Image copyright JCB
Image caption Anthony Bamford says leaving the EU will lead to more freedom to trade elsewhere

The construction firm JCB has left the business lobby group, the CBI, reportedly because of its anti-Brexit stance.

A JCB spokesperson confirmed that the company had ended its membership of the CBI, but did not give reasons why.

Sky news had earlier reported that it was due to the group's response to the referendum outcome

JCB's chairman, Lord Bamford, was a prominent supporter of the Brexit campaign.

During the campaign he said: "The UK is the world's fifth largest trading nation. We therefore have little to fear from leaving the EU."

He also wrote to his 6,500 UK employees to explain why he favoured a vote to leave the European Union, saying he was "very confident that we can stand on our own two feet".

The CBI, on the other hand, warned that a UK exit from the EU would cause a "serious economic shock", potentially costing the country £100bn and nearly one million jobs.

A CBI spokesman said: "It's always a shame to see any member leave the CBI, but we recognise that businesses have competing priorities and we respect that."

A spokesperson for JCB said only: "I can confirm that JCB is ending its membership of the CBI."

The Sky report said that the Staffordshire-based company had ended the membership in the summer, after the referendum.

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