Exeter Finance llc’s CEO has slammed the Trump administration’s budget proposal, saying it would not include a major chunk of the country’s budget surplus.
The Exeter group said in a statement it would take $4.5bn out of the economy for the next 10 years.
In its latest forecast, Exeter said it would have to cut 4.6 per cent of its workforce over the next decade to meet its projections.
Its forecasts for 2019 show the Exeter Group will lose $3bn in revenue.
“Exeter Finance has not only a duty to ensure our country’s economic health and that of the many companies and individuals it serves, but also has a responsibility to protect our nation’s reputation,” Exeter CEO Peter Riddell said.
Ahead of President Donald Trump’s budget, Exetter Finance llcs director of public policy and public affairs Andrew Macdonald said the Trump plan would likely leave the UK and other countries in a bad economic position.
Exeter said the United Kingdom is facing “a long-term fiscal crisis” and could suffer a major fiscal setback if it continues to spend as much as it did in the past.
Macdonald also said the proposed budget cuts could have a knock-on effect on UK businesses.
“The impact of this on UK business could be significant, particularly as many UK businesses are reliant on exports to other countries and may decide not to invest at all if the United States follows through with the plan,” he said.
“Brexit will not only make the UK a less attractive place to invest, but a less secure place to do business.”