Virgin Group founder Sir Richard Branson has called Brexit a “unmitigated disaster” as a think tank led by Sir Tony Blair said Britain should rejoin the EU within a decade.
Sir Richard said the vote in 2016 had been an “unprecedented act of economic and political self-harm”, and the British people should be given a “second chance” to decide whether to be in the EU.
The business tycoon backed Remain before the referendum a decade ago, and later warned of the impact of a no-deal Brexit.
It came as the Tony Blair Institute for Global Change said Britain should commit to rejoining the EU in 10 years.
Sir Tony, who left office in 2007, said Prime Minister Andy Burnham should stop his Government “inching towards” Europe and instead say it wants to enter into a “structured formal relationship” where “everything is on the table”.
In a post on LinkedIn, Sir Richard compared the Brexit vote to swapping an F1 car for a hatchback.
“The EU referendum, marred by disinformation campaigns and foreign meddling not fully appreciated at the time, prompted what is arguably the most consequential political process in modern British history,” he said.
“Less charitable observers have characterised it as an unprecedented act of economic and political self-harm.
“I agree: Brexit has been an unmitigated disaster, costing the UK up to 8% of its GDP, with significant losses in trade, productivity, and employment. It’s a hole the UK cannot dig itself out of. Certainly not on its own.”
Sir Richard, who has lived in the Caribbean for much of the last two decades, added: “As a majority of UK voters now feel regret over the Brexit vote, they must be given a second chance to determine what is in their best interest.”
The Government has said it is sticking to the red lines of its 2024 manifesto, including not rejoining the single market, customs union or freedom of movement. However Mr Burnham has previously said Britain should be “bolder in terms of getting closer to the bloc”.
Both Sir Richard and Sir Tony referenced the EU inviting Canada to become its first associate member. The former Labour leader said it showed a “newfound flexibility” in relations between the EU and non-member states.
The report, entitled Beyond Leave And Remain: A Path To Rejoining A Reformed Europe, said Britain rejoining a “significantly reformed” EU, along with reforms inside the bloc, could see Europe become a superpower that could challenge the US and China.
It said: “Britain should play a leading role in shaping a more powerful Europe. The necessary reforms have already been identified – not least in Mario Draghi’s report on EU competitiveness – but implementing them remains the challenge.
“For Britain to be part of that effort, it must show political commitment to Europe. This can be achieved by setting a clear, public objective to rejoin the EU within a decade – subject to internal EU reform.
“This objective should be a cornerstone of the UK Government’s upcoming 10-year plan.”
In the foreword, Sir Tony said: “The red lines which we drew in 2016 are not the same as 2026.
“We need a new approach which makes sense of the world as it has changed in this decade, and which treats our future relationship in Europe not as a question about whether Britain ‘reverses’ Brexit but about whether we can secure a modern relationship with Europe which is in our national interest today.
“There is no point in inching towards Europe as we feel what British public opinion might accommodate. We should be clear that we want back into a formal relationship with the EU. But it must be a Europe on a credible path to reform, a Europe of nation states, a Europe capable of being a genuine global power.
“Otherwise, though Britain should continue to co-operate with the EU where it is in our mutual interest to do so, and though we should always remain open to changing circumstances, Britain will show that it can and is prepared to remain independent.”
The Conservatives warned the Government against “trying to turn back the clock”, but the Liberal Democrats welcomed the report.
Tory shadow Cabinet Office minister Mike Wood said: “Andy Burnham has left the door open to rejoining the EU and now Tony Blair is piling the pressure on him to drag us back into the bloc.
“Labour should stop trying to turn back the clock and instead focus on setting out serious proposals for the future.”
Lib Dem Europe spokesman Al Pinkerton said: “Liberal Democrats have been clear that we must build a new partnership with the EU that reflects the economic and security challenges that we now face together. It’s a relief to hear others following our lead on this.
“That means Andy Burnham dropping Labour’s anti-growth red lines on the single market and customs union and negotiating a new growth and defence partnership with Europe.
“Such a partnership would tear down barriers for British businesses, strengthen our collective security and deliver the growth Britain needs to cut taxes, invest in public services and rebuild our defences.”
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