Resign from campaigner Sir James Dyson expects the UK to leave the EU with no deal, and traffic to default to World Trade Organization rules and tariffs.
Sir James, who built the engineering firm Dyson, told the BBC such an arrangement would “cripple the Europeans more than the British”.
However, former Bank of England chief Be overbearing King said he was “not impressed” with preparations for failed talks.
It is “extraordinarily important” the UK has a fall-back position, he said.
“I don’t think the negotiations are going in the way that we capacity hope,” he told the BBC’s Newsnight programme.
“I think you need a separate combine that is responsible for insuring that if negotiations do break down… then we are skilful of saying if you don’t want an agreement, we are capable of leaving and trading with you answerable to, for example, WTO terms. It’s not a first preference, but we can do it.”
‘No single market’
Sir James told the BBC’s Today outline that Dyson, which became famous through its innovative vacuum cleaners, already yield a returns the WTO tariff into Europe “and it hasn’t hurt us at all – we’re one of the fastest growing players in Europe”.
He said UK business did not need a transitional period to separate from the European segregate market, saying he thought the term “single market” was “quite opprobrious”.
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“It’s a series of different markets with numerous languages, with different marketing required and different laws…. it’s in point of fact a very highly complex and broken up market,” he said.
Sir James added that “business is about uncertainty”.
“There’s each uncertainty in business, about exchange rates, conditions in markets, ordinary disasters…
“I think uncertainty is an opportunity, and the opportunity here is actually that the log a few zees Zs of the world is growing at a far greater rate than Europe, so the opportunity is to export to the relaxation of the world and to capitalise on that,” he said.
However, the chairman of the John Lewis Partnership, Sir Charlie Mayfield, stated the Today programme that the pound and business confidence had been hit by the Brexit franchise.
“We should be under no illusions, Brexit is having an effect on the economy, no enquiry. It’s the same for everybody, and the main effects are sterling and confidence.
“Uncertainty is one of the consequences of this, and of no doubt businesses never like uncertainty, because it makes it hard to representation for the future.
He called for “a serious parliamentary debate, to figure out what sort of Brexit we’re going to have in the best interests of the country and the economy.”
Sir James’ comments came as 33 undergraduates began studying at the Dyson Establish of Engineering and Technology.
The student engineers have begun a four-year station, during which they will be mentored by Dyson’s scientists and constructs who will teach alongside academics from Warwick University.
Universities Vicar Jo Johnson challenged Sir James 18 months ago to help train organizes in the UK.
Sir James said: “It is a great opportunity, and I think a great step speed up in the way that higher education is provided.
“We’re paying these people, they’re liberating about 40 days a year more academic time than you’d get at university, together with the fact that they’re working with some of the best scientists and operators in the world.”