Construction plant equipment manufacturer JCB has reportedly quit business group CBI over difference relating to the EU referendum campaign…

Business lobby group the CBI has lost JCB as a member, it has emerged. The construction plant equipment manufacturer revealed it has terminated its membership, although neither side has shared publicly why.

However, it has been reported the split is thought to be over a differing of opinion relating to the EU referendum vote.

JCB’s boss Lord Bamford had been forthcoming in his support for Brexit during the campaign, making significant donations to Leave campaigns. The CBI, however, remained in favour of remaining in the EU and has been vocal about the government’s plans to leave the single market.

A CBI spokesperson said: “It’s always a shame to see any member leave the CBI, but we recognise that businesses have competing priorities and we respect that.”

Speaking to the Daily Mail, Tory MP Jacob Rees-Mogg said: “I’d like to congratulate JCB on its perspicacity.

“It is a model of a successful export business around the world and a representative of entrepreneurialism rather than stodgy protectionism.

“In contrast, the CBI has an amazing record of getting everything wrong, whether it is opposing Margaret Thatcher’s reforms or promoting the euro. I can see why some industrialists think they no longer want to spend the money on the subscriptions when they are so badly represented.”