Greencore chief executive Patrick Coveney has said it is his personal belief that the UK will vote to exit the EU when it goes to the polls next week.

He added that, in economic terms, a Brexit would be “very very bad for the UK food industry, the UK economy, the Irish economy and indeed very bad for the global economy”.

Ireland will be the hardest hit in the result of a Brexit as trade with the UK will decline. “The biggest impact will be on demand. By 2030, every British household will be £4,300 worse off if they leave the EU and that will have a very significant impact on demand,” he said.

Coveney believes if the UK votes to leave the EU, it will rapidly lead to a flow of money and resources on a “massive scale” out of the country. The Greencore boss blamed the political fragility of the world as the primary reason the EU referendum was taking place in Britain.

“The truth is the world is a very fragile place politically now. There are no examples, I mean quite literally none, of powerful, stable, well-regarded, popular governments in the developed world right now. Not one.”

He added that governments in Germany, France, the UK, US and even Ireland were all battling to fend off populist politics while in swathes of southern Europe there are no governments in place at all.

“The political system is failing on a massive scale everywhere right now,” said Coveney, who was speaking at an event organised by Dublin Chamber of Commerce in Dublin on Wednesday morning.