Umunna – Business groups letter shows Government must negotiate a Brexit transitional deal

Five of Britain’s biggest business groups have today written to David Davis urging him to quickly negotiate a status quo Brexit transitional arrangement. 

The CBI, Institute of Directors, EEF, British Chambers of Commerce and Federation of Small Business say in the letter that failure to do so would “have wide-ranging and damaging consequences for investment and trade.” 

Commenting, Chuka Umunna MP, leading supporter of Open Britain, said: 

“It is essential that there is confirmation by the end of this year that Britain will stay in the Single Market and Customs Union, at least for a transition period. Anything less will lead to the nightmare scenario of companies racing to move jobs overseas for fear that we will crash out of the EU without a deal. 

“Business groups are understandably alarmed by the Government’s lack of progress in the talks. And the full-blown Cabinet disagreements over how a transition period would work make it even less likely that a deal will be reached.

“No deal would be devastating for business, for people’s jobs and wages and for national security. The Prime Minister needs to face up to the reality of the situation, stop pandering to the ideological zealots driving the country towards a cliff-edge, and commit to staying in the Single Market and Customs Union.” 

/ends 

Notes to editors:

This story is reported in the Guardian: https://www.theguardian.com/business/2017/oct/22/uk-business-chiefs-unite-urgent-brexit-transition-deal-david-davis