Britain can re-industrialise and restore manufacturing jobs around the country - if the pound can be pushed down to a substantially weaker level, according to John Mills, the founder of retail group JML.

Mr Mills, a major donor to the Labour party and prominent Leave campaigner in the EU referendum, believes that the UK can become a competitive manufacturing centre if sterling falls to $1.05 for a sustained period of time.

The pound fell from $1.48 just before the EU referendum to $1.25 currently, but further falls could help the UK reach a tipping point at which the country can compete even with the likes of China, he said.