The five leading business groups in the UK have published a letter warning the government that its emerging position of a managed no-deal “is not credible.”
Signed by the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB), British Chambers of Commerce (BCC), the manufacturers’ organisation EEF, and the Institute of Directors, the letter explains that the five leading business groups are “horrified” at the attention politicians are paying to “factional disputes rather than practical steps that business needs to move forward.”
It is accelerating the risks of a no-deal Brexit, which is one that leading business groups have warned against for quite some time.
The Prime Minister has confirmed that the meaningful vote on her Brexit deal will take place in January, but time is quickly running out; there are just 100 days until Britain officially exits the European Union on 29 March 2019 and as such – and fearing parliament will vote down the deal on the table – the idea of a managed no-deal is being put forward.
But the five leading business groups believe there is neither enough time to plan appropriately, nor should it be a credible alternative.
Together, these organisations represent hundreds of thousands of businesses in the UK, and are better placed than any government minister to know that the consequences could be dire.
The groups want action to prevent a ‘disorderly’ no-deal because, without intervention, the businesses they represent – and the millions of employees – will be severely affected, as will the economy.
“With just 100 days to go, the suggestion that ‘no-deal’ can be ‘managed’ is not a credible proposition.
“Businesses would face massive new customs costs and tariffs. Disruption at ports could destroy carefully built supply chains.
“From broadcasters, to insurance brokers, to our financial services – the UK’s world leading services sector will be needlessly disadvantaged, and many professional qualifications will be unrecognised across the EU.
“UK and EU nationals working abroad will be left in deep uncertainty about their future.”