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A key message from the research is that business leaders across Europe feel that governments and Brexit negotiators are not listening to them and that they need clear signals from the EU and UK that will allow them to plan. Uncertainty about the process and outcome of Brexit negotiations, coupled with a potentially short timeframe for change, is already impacting investment and commercial decisions. Managing the risk that this uncertainty presents is also a drag on productivity, while wider policy progress, such as development of the digital economy, could be delayed by the focus on Brexit.
COBCOE is presenting the report to the UK Government Department for Exiting the European Union and European Commission Taskforce on Article 50 Negotiations with the United Kingdom at meetings scheduled during September 2017. The report will also be launched at an event in London on 25 September.
Three main areas of concern are highlighted in the report: 1. Barriers to trade – maintaining a frictionless European economy; 2. Uncertainty and disruption in the Brexit process; and 3. The UK’s role as Europe’s global springboard. It includes many real-life examples of how firms are being impacted.
The research uncovered fears about the UK being partitioned off – even among European companies not directly engaged in trade with the UK. Many European businesses value the UK for its financial markets, regulatory infrastructure and world-class research and development. The UK acts as a gateway for international investment and is considered to be a business-friendly force within the EU. [...]