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“If we do not have a customs union, there are sectors of manufacturing society in the UK which risk becoming extinct,” he said, pointing to the car industry in particular. To avoid such a crisis, the UK must negotiate “real frictionless trade” with the EU, he said, in the latest sign of frustration among businesses over how the government is handling the Brexit process.
Higher costs associated with import and export tariffs as well as border delays would hit individual companies as well as the entire supply chain, he said.
Mr Dreschler also said the UK government had not given businesses the clarity they need in order to make long-term investment decisions: “We still haven’t got clarity about the future direction, about where we’re heading, what will the future relationship with Europe be, at a level of detail that matters for investment.” [...]
Full article on Financial Times (subscription required)
Related article on The Guardian: CBI cuts forecast for UK economic growth as Brexit concerns linger