O’Leary says Brexit will mean UK loses investment to Republic

Ryanair chief executive Michael O'Leary has warned British voters that foreign direct investment will be lost to the Republic in the event they choose to leave the European Union (EU).

Mr O’Leary was speaking as he opened Ryanair’s new European training centre in London Stansted Airport on Monday.

The airline confirmed it will create over 1,000 new jobs for pilots, cabin crew, and engineers this year, more than 450 of which will be located at Ryanair’s 13 UK airport bases to support its 14 new Boeing 737-800 aircraft.

He said the move would generate an investment of over $1.4 billion in the British economy – but warned that a vote to leave the EU on June 23rd could lead to future investments being lost to EU competitors .

“Let me put it simply, if Britain isn’t a member of the EU, these investments - these jobs - will be going to other countries,” he said. “That’s why Ryanair is campaigning so strongly for Britain to remain in the EU.

“If Britain leaves the single market Britain may be forced out of the Open Skies regime and airfares and the cost of holidays will rise. That’s not speculation, that’s a certainty.”

Mr O’Leary called for a “strong remain vote” in the referendum as it would “lead to more UK jobs and stronger economic growth”.

“The EU single market has created the low fare air travel revolution which has transformed UK tourism and jobs,” he said.

“Prime Minister Cameron has negotiated significant reforms to protect Sterling, limit immigration, and prevent Britain from being dragged into closer union while reducing bureaucracy for British businesses.

“UK foreign inward investment will be lost to competitor EU member states such as Ireland and Germany if Britain votes to leave the European Union.

“I am absolutely certain that the UK economy is better off in Europe, and that is why Ryanair is campaigning hard and actively calling on UK voters to vote ‘remain’ on June 23rd.”

British chancellor of the exchequer George Osborne said attracting investment "is key" if Britain is to create lasting economic security for working people.

“That’s why I’m delighted to be at Ryanair today to hear about their plans to create 450 new highly skilled jobs this year in the UK, and welcome their call for Britain to remain part of the European Union,” he said.

“Today’s announcement is just another example of how British jobs and livelihoods directly benefit from being part of the EU, thanks to the billions of pounds of foreign investment which flow more to Britain than any other European country.

“As Ryanair recognises, we’re stronger, safer and better off in the European Union.”

London Stansted Airport chief executive Charlie Cornish said leaving the EU would "undoubtedly be a huge backward step" for UK aviation.

“I’m delighted Ryanair has chosen London Stansted Airport as the base for its new training and engineering facilities, particularly at a time when both businesses are seeing significant growth,” he said.

“As competition has strengthened, airlines have become more efficient, air fares have fallen, and choice has increased. By opening up the European travel market to competition, the EU has done far more for British consumers and businesses than any government could ever have done acting on its own.

“Leaving the EU would undoubtedly be a huge backward step for UK aviation, a sector that employs around 1 million people and supports some of our most successful and innovative industries.”