LONDON (Rahnuma): British business groups on Wednesday called on the politicians to take their responsibilities to find a way forward to avoid a no-deal Brexit scenario.
In a joint statement issued by five British business groups — British Chambers of Commerce, Confederation of British Industry, the manufacturers’ organisation EEF, Federation of Small Businesses and Institute of Directors, they said: “Businesses have been watching in horror as politicians have focused on factional disputes rather than practical steps that business needs to move forward.”
The groups noted in the statement that the risk of a “no-deal” Brexit was rising due to the lack of progress in Westminster. As a consequence, many businesses had to set out contingency plans, which cost significant time and money.
“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,” said the statement.
The groups highlighted that there were also numbers of companies had yet to start the preparation facing a no-deal scenario, and it “cannot be expected to be ready in such a short space of time.”
They said that if UK leaves EU on March 29 without a deal, “businesses would face massive new customs costs and tariffs. Disruption at ports could carefully built destroy the supply chains.”
“From broadcasters, to insurance brokers, to our financial services, the UK’s world-leading services sector will be needlessly disadvantaged,” they added. “Many professional qualifications will be unrecognised across the EU.”
The groups called on the politicians to take their responsibilities to find a way forward, and said that “rests directly with 650 MPs in Parliament.”
They hoped the MPs to return to their constituencies over Christmas and talk to their local business communities.