Brexit negotiations must focus on getting the best possible deal for UK business, according to bosses.
In the five weeks since the historic vote, East Midlands Chamber and British Chambers of Commerce have canvassed opinions from company owners, directors and managers about what they want to see from Britain’s exit strategy.
The principles that businesses say must guide the negotiations can be broken down into five headings:
Trade
- Businesses want to be consulted throughout the process to ensure the interests of smaller firms get the same recognition as the multinationals and to ensure the final agreement is bespoke to UK needs.
- Business leaders want Government to make sure it works with non-EU countries to ensure transitional arrangements exist for immediately after the UK’s exit and that they are clearly communicated.
- They also want a revitalised and expanded trade mission programme, with generous Government support, to boost exporter confidence and build links with key partners.
Labour
- Businesses want immediate clarification on the post-exit residency rights of workers from other EU countries, clarity on the rules governing recruitment from other EU countries during exit negotiations and beyond and a future immigration policy that will allow businesses to continue to recruit from the EU with minimal bureaucracy, cost or barriers.
EU Funding
- Maintaining UK access to the European Investment Bank is described as critical for major infrastructure and utilities projects, business maintain.
- They also want immediate Treasury guarantees for all projects currently in hand but co-funded by the EU to 2020.
Regulation
- EU regulation continues to be a bugbear of business but leaders have said they are keen to keep in place, at least in the short-term post-exit, any rules and regulation in which they have already invested time and money.
- They are also calling for possible full incorporation into UK law of EU regulations – up to an agreed date – to avoid a piecemeal repeal which could lead to mass uncertainty.
Taxation and Custom
- Business wants a clear transition period for complex indirect tax issues and say, for stability, it would be better to retain existing arrangements in the short-term and that Her Majesty’s Revenue and Customs must remain engaged in all EU-level policy discussions until the UK leaves the EU.
- Businesses also want assurances that any changes to customs and border procedures will receive “top ministerial attention” with a particular focus on the potential impact on firms and consumers.
Chris Hobson, Director of Policy at East Midlands Chamber, said:-
“It is essential that, whatever the timetable, Government consults closely with business throughout the exit process to ensure that confidence is maintained at all times and UK plc is not compromised by its withdrawal from the EU.
“East Midlands Chamber is ready to work with British Chambers of Commerce and Government, to ensure the fullest possible consultation and to make sure the voice of business is not just heard but also leads on all matters during exit negotiations. Together, we can shape a great future for British business.”
