Stop Brexit 'fantasies' and back People's Vote, bosses urge

British politicians should move on from pursuing Brexit "fantasies" and support a second referendum, according to a letter signed by dozens of business leaders to be published this week.

Sky News has obtained the draft of a letter being circulated on Wednesday by the People's Vote campaign which argues that the truncated timetable until the UK's departure from the EU means a new poll is the only way to prevent a no-deal outcome.

City sources said the organisers of the letter were canvassing for signatures ahead of the letter being published in The Times newspaper on Thursday.

Details of the plan have emerged within hours of Theresa May's crushing defeat in the House of Commons, with the Prime Minister's Brexit deal opposed by a 230-strong majority of MPs (BSE: MPSLTD.BO - news) .

"Many businesses backed the Prime Minister's Brexit deal despite knowing it was far from perfect," the draft letter says.

"But it is no longer an option.

"The priority now is to stop us crashing out of the EU with no deal at all.

"The only viable way to do this is by asking the people whether they still want to leave the EU.

"With (Other OTC: WWTH - news) the clock now ticking rapidly before we are due to quit, politicians must not waste any more time on fantasies.

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"We urge the political leadership of both the main parties to support a People's Vote."

Among the expected signatories are Sir Mike Rake, former chairman of BT Group (Other OTC: BTGOF - news) , Justin King, former chief executive of J Sainsbury (Other OTC: JSAIY - news) , former City Minister Lord Myners, and Sir Mark Boleat, former policy chairman of the City of London Corporation.

Each of that quartet has signed previous People's Vote business letters, with organisers trying to persuade new names, including figures associated with the lobbying groups London First and the CBI to put their names to it.

However, insiders cautioned that the prospects of obtaining prominent signatories who currently hold senior roles in public companies and lobbying groups were remote.

"I'm free to say what I like," said one of those who is expected to sign the latest letter.

"But you cannot expect someone leading a company with thousands of employees or a big business organisation to do so."

One person asked to sign the letter cautioned that it was subject to change and may not be published at all, depending upon the number of signatories.

The People's Vote's previous letter, in November, warned of the economic damage likely to be wrought by a "blindfold or a destructive hard Brexit".

However, a second referendum continues to face opposition from both the Conservatives and Labour.

On a conference call with business leaders held on Tuesday night , Steve Barclay, the Brexit Secretary, responded to a question posed by a BP executive about whether Mrs May's Commons defeat had altered the odds of a new poll.

Mr Barclay insisted that, far from removing uncertainty, the protracted timetable and legislative required to pave the way for a new referendum would exacerbate it.