Lloyd Dorfman

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Lloyd Dorfman, Source: Financial Times

Lloyd Dorfman is a British businessman and the founder of foreign currency exchange service Travelex.[1]

Brexit would damage trade links with Asia

Writing in the Business section of the Telegraph in May 2016, Dorfman expressd concerns that the potential divorce of Britain from the European Union on 23 June 2016 could not only damage trade with Europe, but also the increasingly important continent of Asia: 'The UK’s relations with Asia are increasingly important because of the region’s economic and political rise, which is being underpinned by demographic changes and industrialisation. As Asia’s share of world GDP is set to grow, Europe’s relative wealth is declining.'

A remain vote is vital to Britain's continued economic performance, Dorfman adds, as membership of the EU offers leverage in trade agreements: 'First, we can leverage our membership of the European single market to secure better terms in trade deals with Asian countries, which should lead to increased trade volumes. This is particularly important given the relative lack of British businesses which trade with Asian countries and the Government’s overall ambitions to increase our exports.'

He also refutes the claim from leave campaigners that membership is actually restrictive on trade from Asian nations: 'For those who argue that the EU may be hampering our trade with the fast-growing economies of Asia, that simply does not wash. Germany has exceptionally high trade with China, so the EU certainly hasn’t held Germany back. Leaving the EU will not improve our trading position in Asia and will likely damage it, at least in the medium term.'

Remaining in the EU would also have substantive strategic benefit for Britain he says, given that China's President Xi Jinping, India's Prime Minister Narendra Modi and Shinzo Abe, the Japanese Prime Minister have all come out in favour of Britain's continued membership.

It's fairly evident from this stance as to why Dorfman was one of the largest individual contributors to Britain Stronger in Europe, donating a sizeable £500,000, and he concludes that 'It would absolutely be the biggest own-goal of our post-War history.' [2]

'Britain Stronger in Europe' campaign backer

In 2016 Dorfman was one of the largest contributors to the Britain Stronger in Europe campaign group, to which he donated £500,000 on 18 March 2016[3]

Donations

Recorded by the Electoral Commission:

Date Name of donor Amount Donated to
21/04/2004 Mr Lloyd Dorfman £31,809.00 Conservative and Unionist Party
18/03/2016 Mr Lloyd Dorfman £500,000.00 Britain Stronger in Europe
[3]

Notes

  1. Jim Armitage, 'Lloyd Dorfman: The Travelex tycoon blurring the lines between business and charity', Evening Standard, accessed 19 May 2016
  2. Lloyd Dorfman, 'Brexit would damage important trade links with Asia', 23 May 2016, The Telegraph, accessed 25 May 2016
  3. 3.0 3.1 Electoral Commission, The In Campaign Donor Search, accessed 12 May 2016 Cite error: Invalid <ref> tag; name "EC" defined multiple times with different content