The man behind a £24billion deal to buy a Cambridge-based technology company has said Brexit didn’t put him off investing in the UK at all.
Masayoshi Son, the CEO of SoftBank, dismissed the pre-referendum Project Fear narrative which claimed the investors would run a mile should Britain decide to leave the European Union.
He spoke at a press conference today after confirming plans to buy Cambridge-based ARM Holdings, which manufactures microchips for iPhones and other devices.
Masayoshi Son says he is 'strong believer' in UK, despite Brexit. 'Now is the time to invest.'
— Tom Cheshire (@chesh) July 18, 2016
Son told a waiting crowd: “Brexit did not affect my decision”.
He acknowledged that some businessmen think the exit will be bad for business, but he takes “the opposite” view, and says “now is the time to invest”.
Fluctuations in the value of the pound against the Japanese yen have effectively given SoftBank a substantial discount on the company.
"Brexit did not affect my decision…In a sense, many ppl are worried about Brexit and concerned about the complex situation of the country"
— Arash Massoudi (@ArashMassoudi) July 18, 2016
As part of the takeover deal, SoftBank has committed to doubling the UK workforce from 3,000 to 6,000 employees.
Philip Hammond, the newly-appointed Chancellor, also welcomed the decision, hailing the offer as a “vote of confidence in British business”.
Read the Chancellor's statement reacting to the news that Softbank plans major investment in the UK: pic.twitter.com/echo4SzkBu
— HM Treasury (@hmtreasury) July 18, 2016
You could, however, forgive listeners to the BBC’s Today programme this morning for failing to get the memo.
The corporation’s reporters, wedded to their pro-Remain sympathies, talked up the risks of the deal and suggested that the government, including Prime Minister Theresa May, might try to “make it difficult” for the deal to go ahead.
That view seems not to have much traction any more.
