House of Fraser boss says May needs to be clearer on Brexit

House of Fraser

The Chinese owner of department store House of Fraser has called on the Prime Minister to provide a “definite signal” about the kind of Brexit the UK wants.

Ahead of Theresa May’s visit to China, the billionaire Sanpower chairman Yuan Yafei told the BBC that although he had “confidence” Brexit would “not be too bad” for the UK economy, he needed a stronger signal from May.

Yafei has a vested interest in the success of the UK economy, employing around 17,000 people.

He has owned House of Fraser for four years and is reportedly planning major expansion for the retailer in China.

He added that China could “open up more” to the UK soon following questions over China’s restriction to its markets from foreign companies.

Despite his optimism on Brexit, a leaked report which was prepared for the Department for Exiting the EU (DexEU), revealed that even if the UK is able to negotiate a comprehensive free trade agreement the economy’s growth will be down five per cent in the next 15 years.

This would rise to eight per cent in a no-deal scenario.

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