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Brexit LIVE: World’s biggest investor keeps £62bn in UK predicting economy to FLOURISH

BRITAIN has received a Brexit boost after it was announced the world’s biggest wealth fund will continue to invest in the UK economy even in the event of a no deal scenario with the European Union.

Brexit: Theresa May confirms vote on extension if her deal fails

Norway’s £740billion sovereign wealth fund rubbished project fear as it predicted the UK economy will growth healthily over the next 30 years. Norges Bank Investment Management invests 8.5 percent of that huge sum – £62.9bn – into the UK across the equities, bonds and real estate sectors.  The fund’s CEO Yngve Slyngstad stated the firm will “continue to be significant” investors whether Theresa May secures a deal with Brussels or not.

Mr Slyngstad said: “And we foresee over time our investments in the UK will increase.”

He added: “With our time horizon, which is 30 years plus, current political discussions do not change our view of the situation.”

The fund is also a co-owner of London’s Regent Street, and holds shares in some of the biggest companies including HSBC and BP.

Brexit news: The world’s biggest wealth fund will continue to invest in the UK economy (Image: PA)

The wealth fund is also committed to securing jobs in the city and insisted there would be “no operational consequences of any possible outcomes”.

Meanwhile the prospect of leaving the EU without a deal decreased last night after the MPs voted in favour of the Yvette Cooper amendment.

The Government-backed motion was supported by 502 votes to 20, and means parliamentarians will be given a vote on delaying Brexit if both Mrs May’s deal and no-deal are rejected.

In addition the Labour Party’s ’alternative plan’ for Brexit was heavily defeated by 240 votes to 323.

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Brexit news: Jeremy Corbyn will back a second referendum (Image: PA)

Cooper amendment: MPs vote FOR Brexit strategy

As a result Jeremy Corbyn will now back a second referendum if faced with a “damaging Tory Brexit” or a no-deal departure from the European Union.

But the leader of the opposition insisted Labour would also continue to support “other available options” including a general election.

Meanwhile leading Brexiteer Jacob Rees-Mogg who has been a longterm critic of Mrs May’s vision of Brexit has stated he would be “content to support the Prime Minister’s Withdrawal Agreement” if changes to the controversial backstop were made.

Brexit news: Jacob Rees-Mogg has indicated his willingness to back the PMs deal (Image: GETTY)

9.55am update: Brexit secretary refuses to say if Government will vote for no deal

The Brexit Secretary has refused to commit to whether the Government will vote in favour of no deal if Mrs May’s withdrawal agreement is defeated in the Commons.

The Prime Minister has promised MPs a ‘meaningful vote’ on her deal by 12 March and if that is voted down, parliamentarians will vote on leaving the EU without a deal.

However Stephen Barclay, when questioned twice by MPs in parliament this morning, he declined to reveal the Government’s position and called on MPs to back the PM’s deal.

Mr Barclay instead took the opportunity to attack the Labour stance on Brexit and stated they had gone back on their manifesto promise and risked further “uncertainty”.

He told the Commons: “He talks about ending uncertainty the way to end uncertainty is not go back on the Labour parties manifesto and to have a second referendum.

“What a second referendum will do is prolong the uncertainty we may end up with the same result but just a further level of uncertainty as we got through a second referendum.

“What we need to do is back the deal move on and give business the certainty they need.”

9.30am update: Aston Martin set aside £30 million due to Brexit uncertainty

Aston Martin Lagonda has has revealed plans for a £30 million fund for “potential supply chain disruption” in the event of a disorderly Brexit.

This comes as the Luxury car maker reported a £68.2 million annual loss.

In its first set of annual results since floating last October, the group said its board had approved “plans for up to £30 million of advanced working capital and or operating expenses”.

The car maker added the contingency plans would ”mitigate the impact on the business from potential supply chain disruption should the UK withdraw from the European Union without an agreement or in an unstructured manner”.

Andy Palmer, Aston Martin Lagonda president and group chief executive added it was navigating “uncertainties and disruption impacting the wider auto industry”.

9.10am update: Government should disclose to parliament Brexit offers to businesses

Nicky Morgan has insisted the Government has a duty to report any offers it makes to companies concerned over the impact of Brexit.

The Treasury Select Committee chairwoman was speaking after the committee looked into an offer of up to £80 million in support given to Nissan if it built new models at its UK plant.

Ms Morgan told BBC Radio 4’s Today programme: “What we are seeing potentially now is that the Government may have a more interventionist approach to keeping automotive firms here in the UK.

“It’s understandable why we would want to keep those firms, they employ a lot people – obviously it works very well for the areas of the country that they are in.

“Then, actually, if there is finance being offered, then that should be disclosed to the UK Parliament. At the end of the day, it is taxpayers’ money.”

9.00am update: Rees-Mogg indicates changes to backstop could ensure ERG support

Jacob Rees-Mogg has indicated he and his group of Eurosceptic MPs could support Mrs May’s withdrawal agreement if the UK could negotiate “a legally binding date to the backstop”.

The Chairman of the European Research Group stated the “fundamental change” would allow “Brexiteers such as me to accept it”.

He told the Mail Online: “The whole point of leaving the EU is to take back control, not to leave the EU with the potential for lasting effective power over trade and regulations in Northern Ireland, or any other part of the UK.”

Mr Rees-Mogg also said other issues with the current withdrawal agreement “such as continued meddling by the European Court of Justice” would be “less problematic” if the Irish border was resolved.

Meanwhile the Brexiteer has dismissed suggestions the ERG has made the Prime Minister’s job more difficult by not voting in favour of the Government in a series of Commons vote.

Mr Rees-Mogg stated “they could not be more wrong” and pointed the finger at Mrs May’s cabinet and instead they had “undermined collective responsibility”.

He said: “Our aim has consistently been to follow the commitments made in the 2017 Tory election manifesto and implicit in the 2016 referendum result.

“That some Cabinet ministers have undermined collective responsibility and tried to thwart Mrs May is hardly our fault.”

8.45am update: World’s biggest investor to keep investing in the UK after Brexit 

The world’s biggest wealth fund will continue to invest in the UK economy regardless of the outcome of Brexit.

Norway’s £740billion sovereign wealth fund rubbished project fear and projected the economy to grow in the next 30 years.

The fund’s CEO Yngve Slyngstad stated the firm will “continue to be significant” investors after leaving the bloc.

Mr Slyngstad said: “And we foresee over time our investments in the UK will increase.”

He added: “With our time horizon, which is 30 years plus, current political discussions do not change our view of the situation.”

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