Hospitality tycoon Sir Rocco Forte believes Britain would still vote to leave the European Union in a second referendum, despite a decade of political bickering. The 81-year-old chairman of Rocco Forte Hotels, a full-blooded Brexiteer, remains unrepentant, insisting Britain was right to free itself from Brussels but has singularly failed to seize the opportunities on offer.
In an exclusive interview, Sir Rocco said: "If push came to shove and there was another vote people would still say no. I think the result would be exactly the same." He fired a salvo at naysayers, noting that since leaving the EU, 10,000 new laws have been created that would have been absorbed otherwise. He added: "Europe is not a solution, it's a problem. Fifteen years ago the European economy was the same size as the United States. Today it's half."
Brexit Benefits and Failures
Sir Rocco highlighted that UK exports of goods to Europe dropped by 14%, while exports to the rest of the world fell by only 8%, reflecting the European economy's weakness. He pointed out that only 8.4% of the UK economy is manufacturing, compared to over twice that in France and Germany. However, service exports to Europe increased by 26% and to the rest of the world by 28%, which he called "a huge success story." He also noted that the City of London employs as many people today as before Brexit.
Despite these positives, he criticised the UK government for failing to implement Brexit properly. "The failure of Brexit was that we never implemented it properly but not being tied to the European Union means we're still in a position to do it," he said. He lamented that borders are not controlled, and people without the right to be in the UK are living on benefits.
Labour's Impact and the Exodus of Wealth
Sir Rocco, who moved to Italy before the 2024 election, said he left in anticipation of Labour causing chaos. Since Labour seized power, 10,800 millionaires have left the UK. He described Labour's policies as "devastating" and warned of a return to the 1970s, when the UK was plagued by strikes and economic decline. He criticised the new Employment Rights Act, predicting it would lead to a closed shop and many strikes.
He also attacked the welfare system, saying it disincentivises work. "Someone on £70,000 a year can claim benefits. A family, a couple earning £100,000 a year, can still claim benefits, so what's the point [in working]?" He warned of a brain drain similar to the 1970s, as young professionals leave the UK.
Political Outlook and Inheritance Tax
Sir Rocco described Prime Minister Sir Keir Starmer as "the most useless prime minister we have ever had" and said he would never have employed him. He expressed concern that neither the Conservatives nor Reform can win an absolute majority, potentially leading to a coalition of Liberals, Greens, and Labour. He also criticised inheritance tax on private businesses, which represent more than 50% of the economy, warning that many family businesses would be destroyed.
Despite his criticisms, Sir Rocco remains optimistic about the UK's potential. "We're still in a position where we can change things," he said, calling for a return to a market economy and a can-do mentality. He concluded: "We desperately need a market economy and to forget this idea the government can solve everything."
