Business

May units up business councils to advise on post-Brexit coverage

LONDON (Reuters) – Prime Minister Theresa May has created 5 new business councils to advise on points going through core sectors of the economic system as Britain leaves the European Union, her workplace stated on Tuesday.

Britain’s Prime Minister Theresa May and Chancellor of the Exchequer Philip Hammond depart 10 Downing Street, in London, Britain, 31 October, 2018. REUTERS/Henry Nicholls

With lower than 5 months earlier than Britain is because of stop the bloc and no exit deal but agreed, business leaders have been demanding higher certainty over the sort of commerce phrases the divorce will ship.

The government stated every of the councils could be chaired by two business leaders and could be made up of round 10 members. They will meet thrice a yr; twice with the prime minister and as soon as with a senior minister, and supply coverage suggestions.

“I’ve asked these new councils to advise us on the opportunities and challenges facing business as we shape the UK for the future,” May stated in a press release.

The government has been stepping up its engagement with business. Last week, May and Chancellor Philip Hammond met round 150 executives to debate their issues about Britain’s imminent departure from the EU.

May will host the co-chairs of the brand new business councils at her Downing Street workplace on Wednesday to set out their goals and focus on cross-sector points corresponding to productiveness and worldwide funding, her workplace stated.

The “Financial, Professional and Education Services” council might be chaired by Prudential (PRU.L) Chairman Paul Manduca and Santander UK Chairman Shriti Vadera, whereas BAE Systems (BAES.L) Chairman Roger Carr and Rolls-Royce (RR.L) Chairman Ian Davis will head the “Industrial, Infrastructure and Manufacturing” council.

There may even be a “Telecoms, Creative Industries, Technology and Media” council headed by BT Group (BT.L) Chairman Jan du Plessis and ITV (ITV.L) Chief Executive Carolyn McCall.

The closing two councils will cowl “Consumer, Retail and Life Sciences”, chaired by Tesco (TSCO.L) Chief Executive Dave Lewis and GSK (GSK.L) Chief Executive Emma Walmsley, and “Small Business, Scale ups and Entrepreneurs.”

Each council may even have a consultant of a related business foyer group, the government stated.

Reporting by Kylie MacLellan; modifying by Stephen Addison

Our Standards:The Thomson Reuters Trust Principles.

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