JCB informs the CBI of its intention to leave
JCB has confirmed that it is to end its membership to the Confederation of British Industry (CBI) due to the anti-Brexit stance of the lobbying group. As a company that sells to over 150 countries, JCB informed the CBI of its intention to leave following the EU referendum result.
JCB will remain a member of the CBI until its membership expires in 2017. Sources close to JCB confirmed that the CBI's warnings of the economic cost of Brexit had triggered its decision.
The decision makes the privately owned company the most prominent CBI member to quit in protest at its warnings ahead of the EU poll that Brexit would cause significant CBI prior to the vote warned that leaving the EU could cost the economy £100bn and 950,000 jobs by the end of the decade.
JCB's chairman Lord Bamford, donated a six figure sum to the Vote Leave campaign and announced that he was: "Very confident the UK could stand on its own two feet."
In a post-Brexit era where sales for JCB products are scaling new heights, it is little surprise the prestigious UK manufacturer no longer plans to be part of a CBI that takes a different stance on the referendum.