Businesses “watching in horror” as no-deal Brexit risk rises

The CBI, EEF, Institute of Directors, Federation of Small Businesss and the British Chambers of Commerce - which between them represent hundreds of thousands of firms across the UK - claim that businesses have been “watching in horror” as politicians have focused on internal disputes rather than the practical steps that are required to protect the economy.

The group warns that whilst many companies are actively preparing for a ‘no deal’ scenario, they are doing so at considerable cost. Meanwhile there are, they claim, hundreds of thousands who have yet to start planning.

The statement adds that firms are pausing or diverting investment that should be boosting productivity, innovation, jobs and pay into stockpiling goods or materials, diverting cross border trade and moving offices, factories and therefore jobs and tax revenues out of the UK

“With just 100 days to go, the suggestion that ‘no-deal’ can be ‘managed’ is not a credible proposition,” it reads. “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.”