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EU ‘is crunch factor for firms’
THE debate over whether the UK stays in the European Union will be a crunch factor in the British future of firms like Nestlé, Labour’s shadow Business Secretary has warned during a visit to its York factory.
Chuka Umunna was shown the company’s multimillion-pound Kit Kat production line and met bosses to discuss his party’s plans for a British Investment Bank to help businesses yesterday.
He said Nestlé’s approach chimed with Labour’s ambitions for “a modern industrial strategy which helps us pay our way in the world”.
But he said the UK’s continuing European membership was crucial to such firms staying in Britain.
MrUmunna said: “It is a big factor for people like Nestlé when they make investment decisions, and that’s how the European debate has real implications for people’s lives and jobs in York – it’s not a debate about bendy bananas and obscure bureaucracy.
“Nestlé is an international business, ten per cent of turnover from its York factory is exports, and membership of the EU will be a factor in the cities and regions where it invests.”
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