PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied Materials
Stephen Yiu, FM at WS Blue Whale, discusses Nvidia, Visa/Mastercard, Lam Research & Allied MaterialsView Video
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to mining
Ben Turney, CEO at Kavango Resources, explains the company's progress from exploration to miningView Video

Latest Share Chat

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 490.50
Bid: 490.45
Ask: 490.55
Change: 1.20 (0.25%)
Spread: 0.10 (0.02%)
Open: 491.00
High: 493.10
Low: 490.30
Prev. Close: 489.30
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 2-British business bosses say exit from EU would hit economy and jobs

Tue, 23rd Feb 2016 13:06

* Bosses of 36 of FTSE 100 bosses caution over 'Brexit'

* BT, Marks & Spencer, BP says exit would cost jobs

* Tesco, Sainsbury's CEOs refrain from weighing in

* For full multimedia coverage please click: cpurl://apps.cp./cms/?pageId=brexit (Adds further comments, IOD data)

By Kate Holton and Sarah Young

LONDON, Feb 23 (Reuters) - The bosses at more than a thirdof Britain's biggest companies including oil giants Shell and BPand its largest telecoms group said leaving the European Unionwould put the economy at risk, backing Prime Minister DavidCameron's call to stay in the bloc.

The business support provided a boost for Cameron in hisbattle to win over a divided public and confront the manyeurosceptics in his own party before Britain holds a referendumon whether to stay in the EU on June 23.

It came the day after the pound posted its biggest one-dayloss in almost six years on concerns Britain might vote to leavethe 28-member bloc.

Nearly 200 companies, among them 36 FTSE 100 firms,including telecoms group BT, retailers Marks & Spencer and Asda, and oil firms Shell and BP, signed the letter which put forward the economic meritsof EU membership.

"Business needs unrestricted access to the European marketof 500 million people in order to continue to grow, invest andcreate jobs," said the letter, published in the Times newspaperon Tuesday. "We believe that leaving the EU would deterinvestment, threaten jobs and put the economy at risk."

The high-profile backing for Cameron follows a tough fewdays since he agreed new British terms with EU leaders at asummit in Brussels last week when deep divisions in hisConservative party over Europe rose to the surface.

He suffered a major blow on Sunday when London mayor BorisJohnson, one of Britain's most popular politicians, said hewould campaign for a British exit, and on Monday he was forcedto mount a defence of his deal in parliament in the face ofcriticism from some of his own lawmakers.

Johnson, who as mayor presides over one of the world'spre-eminent financial centres, dismissed the significance of theletter from the business leaders.

SPREADING ALARM

"There will be people who try to spread alarm, anxiety," hetold reporters, saying the same people had been wrong overBritain's decision not to join the euro and to exit the EuropeanExchange Rate Mechanism 20 years earlier.

Other commentators said the potential boost for Cameron waslimited given that two-thirds of top bosses had not signed up,including those from its two biggest retailers.

Tesco, Britain's biggest private employer with310,000 staff, said the referendum was a decision for the peopleof Britain and that its focus remained on serving its customers,while Sainsbury's, the country's second biggestsupermarket, said it was an apolitical organisation.

"I suspect that the numbers (of FTSE 100 bosses) givingsupport to remain publicly have been a disappointment," saidAndrew Hawkins, founder of polling firm ComRes.

In another survey published by the Institute of Directors onMonday, six in 10 of nearly 700 of its members polled said theyplanned to vote to stay in the EU.

SCOTTISH EXPERIENCE

"I can tell you this, if the leave campaign could produce 35business leaders of this sort of stature, they'd be over themoon," Cameron said of the business leaders' letter during avisit to Slough, west of London.

"This is simply people running some of the largestbusinesses in our country that employ over a million peoplebetween them, saying this has real consequences for ourcountry."

Economic concerns played a role in the Scottish independencereferendum in 2014, when in the weeks ahead of the vote, bigcompanies warned about the impact of leaving the UK oninvestment and jobs, adding to a climate of fear, and possiblyswaying some votes to help keep that union in tact.

As a result some voters pledged to boycott firms wading intopolitics, and perhaps wariness from that experience deterredsome of Britain's biggest employers from signing the letter.

Cameron's move to call on the voice of big business - theletter was arranged by his Downing Street office alongside the'Britain Stronger in Europe' campaign - was not without risk as"Out" campaigners cast the EU as the instrument of a globalelite which is out of touch with ordinary Britons.

Jim Mellon, a fund manager who is helping fund the "Out"campaign, told the BBC the signatories were mostly people whohad "crawled their way up the corporate ladder" rather than"true entrepreneurs" who had started new businesses.

The stakes are high in the June referendum. A vote to leavewould not only transform Britain's future in world affairs butalso shake the EU, which has struggled to maintain unity overmigration and financial crises, by ripping away itssecond-largest economy. (Additional reporting by James Davey and Michael Holden;Editing by Guy Faulconbridge and Richard Balmforth)

More News
8 Mar 2024 13:42

BP appoints Aviva boss Amanda Blanc as senior independent director

(Sharecast News) - Oil giant BP said on Friday that it has appointed Aviva chief executive Amanda Blanc as senior independent director with effect from after the annual meeting on 25 April.

Read more
8 Mar 2024 12:20

IN BRIEF: BP promotes Aviva chief executive officer to senior director

BP PLC - London-based oil major - Non-Executive Director Amanda Blanc will be appointed as a senior independent director, effective from April 25 at the conclusion of BP's annual general meeting. Blanc joined BP's board in September 2022. She has been group chief executive officer of Aviva PLC since July 2020. Company also says Senior Independent Director Paula Reynolds will retire at the AGM's conclusion, having served on the board for nine years. Non-Executive Director John Sawers will also be retiring.

Read more
8 Mar 2024 10:33

BP pays Auchincloss £8m in 2023, claws back £1.8m from Looney

(Sharecast News) - BP chief executive officer Martin Auchincloss was paid £8m for his services in a particularly prosperous year, it was revealed on Friday, as it managed to claw back a further £1.8m from its former head Bernard Looney.

Read more
4 Mar 2024 15:29

London close: Stocks languish ahead of Wednesday's Budget

(Sharecast News) - London's stock markets finished in the red on Monday, reflecting investor apprehension ahead of the impending Spring Budget.

Read more
4 Mar 2024 10:43

Jefferies upgrades BP to 'buy'

(Sharecast News) - Jefferies upgraded BP on Monday to 'buy' from 'hold' and lifted the price target to 570p from 520p.

Read more
4 Mar 2024 08:59

LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more
4 Mar 2024 08:55

LONDON MARKET OPEN: Review cuts Hipgnosis Songs Fund valuation

(Alliance News) - Stock prices in London opened mostly lower on Monday, as investor attention remained primarily on the release of the UK Spring budget on Wednesday.

Read more
4 Mar 2024 07:41

LONDON BRIEFING: Stocks called down; attention on UK's spring budget

(Alliance News) - Stocks in London are called to open lower, ahead of a busy week of economic news.

Read more
22 Feb 2024 09:49

LONDON BROKER RATINGS: Berenberg raises Moneysupermarket.com to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
15 Feb 2024 16:52

LONDON MARKET CLOSE: Stocks in green despite UK hit by recession

(Alliance News) - Stock prices in London closed higher on Thursday, after data showed that the UK economy slipped into recession in the final quarter of 2023, buoying hopes for interest rate cuts from the Bank of England.

Read more
15 Feb 2024 14:55

London close: Stocks manage gains despite UK recession news

(Sharecast News) - London markets had a mixed but ultimately positive day of trading on Thursday, despite news that the UK fell into a technical recession at the end of 2023.

Read more
15 Feb 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 flat as strong start fades

(Alliance News) - The FTSE 100 tread water on Thursday afternoon, as share price declines for some of London's heavyweights offset a strong start for the index, which got a boost from Bank of England rate cut hopes.

Read more
15 Feb 2024 09:17

BP hails arrival of LNG vessel at project off Senegal and Mauritania

(Alliance News) - BP PLC on Thursday celebrated the arrival of a gas vessel offshore west Africa, which it called a "major milestone" for its project there.

Read more
14 Feb 2024 12:01

BP and Adnoc form gas joint venture in Egypt to boost capabilities

(Alliance News) - BP PLC on Wednesday said it will form a joint venture with Abu Dhabi National Oil Co in Egypt, under which BP will contribute its interests in three development concessions.

Read more
14 Feb 2024 10:27

BP and Adnoc agree Egyptian joint venture

(Sharecast News) - BP has agreed a new joint venture in Egypt with long-standing partner Adnoc, it was confirmed on Wednesday.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.