We’ll thrive – with or without a deal, says boss of drinks giant
THE chief executive of drinks giant Diageo has predicted the industry would thrive regardless of whether the UK secured a trade deal after Brexit.
The London- based firm sold more than £12billion of drinks last year, as sales in China and the US soared.
And chief executive Ivan Menezes, 58, said spirits exported to the EU would still be tarifffree under World Trade Organisation (WTO) rules.
‘We have a strong business out of the UK and Ireland where we source a lot of our raw material locally – grain, milk for Bailey’s,’ Mr Menezes said.
‘So this is not a big issue or a relevant issue for us. On Brexit, we take it in our stride. Our business will trade tariff-free in the EU because it’s covered by the WTO rules.
‘We see opportunities if the UK can get some good free trade agreements, like with India.
‘So our business is resilient, it’s got a good broad base around the world and the export potential for the UK is very strong.’ Diageo’s finance chief Kathy Mikells also boasted that the firm, which owns Guinness, had ‘plenty more firepower’ to buy even more rival businesses.
Their confident talk came as JCB secured one of its biggest ever UK deals – with a £55million order for 1,200 machines and generators.
The contract with equipment rental firm A-Plant is a boost for JCB factories across the UK.
Dan Thompstone of JCB said: ‘A-Plant has been buying JCB equipment now for more than 25 years and we are delighted to support its latest investment in our equipment.’ And in more good news, figures yesterday revealed growth in British retail sales hit a three-month high in July thanks to a boost in groceries and summer clothing.
The survey, by the Confederation of British Industry, of 111 firms – including 57 retailers – showed sales were above seasonal norms, bucking other signs of a consumer slowdown.
Anna Leach, the group’s head of economic intelligence, said: ‘The warm summer has added a sizzle to our high streets as shoppers defied expectations.’
MEANWHILE, there were more signs yesterday of a remarkable new wave of confidence in Britain’s economic future.
Following BMW’s decision to build its new electric Mini at Oxford – securing thousands of jobs – and figures showing manufacturing is growing faster than at any time since the mid-90s, the boss of drinks giant Diageo was the latest to give an upbeat assessment of our prospects.
Not only did he say Brexit would have no negative impact on business, he believed it would lead to exciting new free trade agreements with countries such as India.
There was also good news from the retail sector, which was described by the Confederation of British Industry as ‘sizzling’. And it was announced that Chinese investors have paid £1.3billion for London’s massive ‘Walkie Talkie’ skyscraper in the City of London – their second huge property purchase in the City this year.
The only depressing news is that Sir Dave Ramsden, key architect of George Osborne’s doom-laden Treasury dossier on Brexit, has been made deputy governor of the Bank of England. Doubtless, it was payback time. IF ever there was a case which showed the absurdity of our human rights laws, it’s the four members of a vicious Asian grooming gang who have already received £1million in legal aid. They are now getting even more to fight deportation to Pakistan on the grounds that being sent back would breach their ‘right to family life’.
These monsters preyed ruthlessly on vulnerable girls – some as young as 13. The Mail has one question: What about the right to family life of those poor girls and their parents?