Blackrock chief executive Larry Fink has slammed the UK as “irresponsible” due to the continued uncertainty surrounding Brexit.
The boss of the world’s largest asset management fund told CNBC that a lack of understanding surrounding the UK’s future relationship with the EU has forced firms to take action in order to prepare.
“The irresponsibility right now of the UK in coming to a resolution is putting more and more private sector organisations on alert,” Fink said.
“We’re spending more money than we ever dreamed we needed to do to start working toward Brexit.”
“So just because of the lack of understanding of its direction, it’s forcing all the private sector firms to be getting more prepared for Brexit, and I do believe this is not a good outcome for the UK,” he added.
Fink’s comments came as Theresa May delayed a meaningful vote on Brexit plans from this Wednesday to the 12 March – just two week’s before the UK’s formal exit date.
Conservative MP Simon Hart has drawn up an amendment that is due to be debated on Wednesday and would allow MPs to vote for a “strictly time limited” delay to Brexit until 23 May if there is no deal in place by 13 March.
Meanwhile, a separate amendment proposed by Labour MP Yvette Cooper and Tory MP Oliver Letwin would legally oblige the government to offer MPs the option of extending Article 50.