Work will be moved out of the UK and jobs will be lost, unless the government finalises a Brexit withdrawal agreement by December, the director general of the CBI has warned.
Carolyn Fairbairn said business reality would soon start to outpace Brexit negotiations, and decisions will have to be taken to counteract uncertainty.
Four out of five firms said Brexit had hit their investment plans, and they would be implementing “damaging” contingency plans in the absence of greater certainty, according to a survey of 236 businesses made for the CBI.
The figure is up from 36 per cent at the same time last year, and plans include cutting jobs and relocating production and services overseas.
Many firms are now planning for a no-deal Brexit, with “severe” implications for people’s livelihoods on both sides of the Channel, said the report.
Ms Fairbairn said: “Unless a withdrawal agreement is locked down by December, firms will press the button on their contingency plans. Jobs will be lost and supply chains moved.
“The knock-on effect for the UK economy would be significant. Living standards would be affected and less money would be available for vital public services, including schools, hospitals and housing.
“Uncertainty is draining investment from the UK, with Brexit having a negative impact on eight in 10 businesses. [...]
Full article on The Independent
Full survey results
© The Independent
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article