Business groups react to Brexit deal vote delay

11 Dec 2018

Business groups have responded to the postponing of the vote on the draft Brexit deal.

Prime Minister Theresa May intends to meet EU officials and European leaders in order to 'discuss with them the clear concerns' MPs have in regard to the deal. 

The Confederation of British Industry (CBI) said that the delay is 'yet another blow' for businesses seeking clarity. Carolyn Fairbairn, Director General of the CBI, said: 'Investment plans have been paused for two and a half years. Unless a deal is agreed quickly, the country risks sliding towards a national crisis.'

Meanwhile, the British Chambers of Commerce (BCC) stated that business is 'intensely frustrated' by the delay. Dr Adam Marshall, its Director General, commented: 'Businesses are clear that time is rapidly running out. With just over 100 days to go until 29 March, many are already enacting contingency plans in the absence of clarity from Westminster.

'Businesses need clarity and precision on the UK's future relationship with the EU and with other key trading partners. Businesses are clear that they do not want a messy and disorderly exit, which both government and far too many firms are underprepared for.'

The Institute of Directors (IoD) called for the government to be 'clearer' on its contingency plans. Stephen Martin, Director General of the IoD, said: 'Many companies are still in the dark about what HMRC and border agencies would require the day after Brexit if there is no transition period. Partly because of a lack of information, only 14% of IoD members say they are fully prepared to manage no deal, highlighting the scale of the challenge if a withdrawal agreement isn't ratified.'