Steve Allen brings you the latest from the newspapers as you wake up.
26 October 2017, 13:31
When a caller suggested the government should be setting aside more money for a Brexit no deal, Robert Peston issued a strong word of warning about the potential consequences.
ITV’s Political Editor said he had “absolutely no doubt” multinational businesses would start moving their investments and people abroad as soon as they got wind Britain was preparing to leave the EU with no agreement.
Standing in for James O’Brian, he said corporate giants were showing “extraordinary patience” holding back, but warned “they’ve got plans they can put in to effect any moment”.
“People in this country forget this,” he told LBC listener Richard.
“We are a very open economy, governments for 30 years went around the world saying to international business ‘set up in Britain for access to the single market’.
“The result of that is, and official statistics bear this out, almost a third of the value of everything produced in this country comes from businesses that are owned by foreign interests.
“That means they can put their business more or less anywhere and the moment they believe that being in Britain is less commercially attractive because they can’t get access to that very important market and the rest of the Europe as efficiently as they could they will move that investment and we will be poorer.”
Watch above and see if you agree with Robert Peston.