Sorrell gives voice to general election business fears
WPP chief executive Sir Martin Sorrell has warned that none of the parties fighting the UK general election would be good for business if elected.
Sorrell’s pessimism reflects a climate of ‘increased uncertainty’ for firms faced with the twin threats posed by Labour’s ‘business bashing’ and a Conservative commitment to hold a referendum on EU withdrawal.
Speaking to Radio 4’s Today programme Sorrell said: “The issue is whether you can get any change before 2016. The Prime Minister seems to have drawn the EU referendum date forward from 2017 to 2016, which is better news and creates less uncertainty. Labour seems to have a platform of criticising or bashing business.
“The key issue is our position in Europe – that’s where the pattern of trade is, whether we like it or not. Although economies like Russia and the US are important, Britain mainly trades with the EU and countries like Germany and France. It's better to be inside the tent than outside the tent. The budget deficit is still high. Whichever party is in Government next, they are going to have to deal with that deficit."
This comes despite strong UK economic growth at present, reflected in WPP’s own pre-tax profits which rose 12 per cent to £1.45bn in 2014, a performance which is likely to be maintained this year.