New report by the Confederation of British Industry (CBI) puts forward 200 recommendations to help with no deal preparations for UK, EU and companies.
The CBI has supported government and business efforts to help prepare for a no deal exit by publishing practical steps the UK, EU and businesses can take to reduce the worst effects. Recommendations from the report “What comes next? The business analysis of no deal” are based on a comprehensive study of existing plans laid out by the UK government, European Commission, member states and firms.
From this analysis, the CBI has come to three conclusions:
It’s time to escalate preparations. Having analysed Brexit preparations by the UK government, the European Commission, EU Member States and companies in the 27 areas of the UK’s relationship with the EU that are most important to businesses, the CBI has concluded that no one is ready for no deal.
Preparations can have a material impact. Working with its member businesses and Trade Associations, the CBI has compiled over 200 recommendations for reducing the harm of no deal. Many no deal mitigations rely on actions by and negotiations with the EU, which will hold all the political difficulties experienced in talks so far.
While there are actions that will make a difference, even if every one of these recommendations were implemented, the long- and short-term impacts of no deal are still of great concern. Having mapped all 27 of those areas over time, the CBI has concluded that many of the consequences of no deal will be felt for years to come – acting as a self-inflicted drag on the UK’s economy for the next decade and more.
The only way to avoid the negative consequences of no deal on jobs and livelihoods is to strike a deal with the EU. The CBI urges the UK and EU to capitalise on the new political dynamic presented by the appointment of the new Prime Minister to work toward agreement on a deal that would be a catalyst for future growth and prosperity.
The report is based on thousands of conversations with firms of all sizes and sectors, including no fewer than 50 trade associations, spanning all areas of the UK economy. Overall, it illustrates that even with mitigation, no fewer than 24 of 27 areas of the UK economy would experience disruption.
Source: Confederation of British Industry (CBI)