Business

Britain tells business: We can not assure your Brexit future

LONDON (Reuters) – Britain can not inform companies for sure what its future relationship with the European Union might be as soon as it leaves the bloc, business minister Greg Clark mentioned on Wednesday, forward of government talks on its strategy to Brexit.

Businesses need extra readability from the government over what Britain’s commerce and customs preparations with the European Union will appear to be after it leaves the bloc in 2019.

Prime Minister Theresa May is assembly senior ministers on Wednesday to debate the government’s negotiating technique, because the British Chambers of Commerce (BCC) known as on the government to make clear what it needs from Brexit.

However, in an interview with the BBC, Clark gave no particulars of the end-state Britain was searching for, or a deadline by which government would finalise its strategy.

“This is a negotiation which is about to happen. We can’t guarantee an end-state until it has been agreed by both sides,” Clark advised BBC radio.

Britain’s Secretary of State for Business Greg Clark arrives in Downing Street, London, January 29, 2018. REUTERS/Toby Melville

Britain has agreed in precept with the EU to have an implementation interval, which is predicted to be finalised in March.

But the EU needs the facility to limit British entry to the only market throughout the transition interval as a strategy to punish London if it violates agreed guidelines, a European Commission doc confirmed.

A demonstrator carries a Union Jack and a European Union flag because the EU’s chief Brexit negotiator Michel Barnier visits Downing Street in London, Britain February 5, 2018. REUTERS/Hannah Mckay

The British Chambers of Commerce mentioned that whereas it might welcome a transition interval, continued ambiguity as to the place the connection with the EU was headed would hinder corporations as they make funding and hiring choices.

“Clear UK negotiating objectives are crucial to both business and public confidence,” the BCC mentioned in an open letter to government.

“While the BCC has campaigned strongly in favour of a status-quo transition period, to give businesses time to plan for change, this transition must lead to a clear endpoint.”

Many companies worry Britain might face a disorderly Brexit that will weaken the West, disrupt the peace in Northern Ireland, imperil Britain’s $2.7 trillion (£1.9 trillion) financial system and undermine London’s place as the one monetary centre to rival New York.

Reporting by Alistair Smout; enhancing by Guy Faulconbridge

Our Standards:The Thomson Reuters Trust Principles.

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