CBI warns that British companies face being ‘hit with a sledgehammer’ after a no-deal Brexit

Published: Friday, 14 September 2018 07:43

The CBI, an organization that speaks on behalf of 190,000 UK businesses of all sizes and sectors, has issued an unusually blunt warning, stating that UK companies will be ‘hit with a sledgehammer’ in the event of a no-deal Brexit. The CBI was responding to the latest publication of UK Government no-deal contingency planning notices.

Carolyn Fairbairn, CBI Director-General, said:

“These notices make clear firms would be hit with a sledgehammer in the event of no-deal. They also illustrate the extent of the disruption consumers can expect if ideology wins over evidence.

“Commitments to continue regional funding and maintain high environmental standards are positive. However extra costs, duplication of certification and interruptions to data flows would damage the economy, with a knock-on impact for living standards.

“But it is right that Government helps businesses – particularly smaller firms – plan for no-deal and the changes that will come when the UK does strike a deal. What all companies now need is a one stop shop to get the information and support they require to protect supply chains and employees’ jobs throughout the negotiations.

“Meanwhile, efforts on all sides should be geared towards securing the Withdrawal Agreement to protect the transition period. This will provide temporary but essential relief for businesses of all sizes and sectors. Then attention can turn to the vital task of finalising our future economic relationship with the EU.”