EU referendum position

Many people have asked me about Pearson’s response to the recent result of the UK’s referendum on membership of the EU. Here is a note that I shared with Pearson’s colleagues last Friday (06.24.16) immediately after the result.

Dear Colleagues,

I am writing to share some immediate thoughts in the light of the UK’s vote to leave the European Union.

These are clearly uncertain times for the UK and for Europe. Pearson’s view throughout the campaign was that the UK was better off within the EU. Of course we fully respect the democratic decision that has been taken and, for Pearson, we will now focus on forging a successful path in a new context.

Pearson is in a strong position. More than half of our revenues are from the US, in dollars. We have a solid balance sheet with low debt, and this will enable us to weather uncertainties.

Although we care deeply about the UK, we are the world’s learning company. We will continue to be advocates for a world that is more open and connected. It is vital that the UK’s world class universities should continue to attract the brightest young people from around the world to enrich our education community.

For now, the important thing for us all is to stay focused on our business and our customers. We will take our time and work through every implication for our business and our growth. We will also play our part in helping maintain the outward-looking United Kingdom and globally connected education community that are in the interests of us all.