Brexit could wreck Britain’s future as a manufacturing hub, forcing firms like Philips to rethink their UK operations, the company’s chief executive warned today.

Frans van Houten expressed concern at the lack of progress on a Brexit deal in comments reported by Reuters.

Van Houten added that a no-deal or hard Brexit would hit production at Philips’ main UK exporting plant in Glemsford.

“We are looking at a customs union as a minimum [requirement],” for a negotiated Brexit, he said.

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