Facebook Twitter LinkedIn YouTube
East Midlands Chamber News

Withdrawal Agreement means ‘more of the same’ for business


Theresa May’s Brexit Withdrawal Agreement means only ‘more of the same’ for business, according to the region’s biggest business representation organisation.


After taking time to consider the 585-page document, the British Chambers of Commerce, produced a three-page summary, which boiled the agreement down to four main points

  1. protecting the rights of UK citizens in the EU and vice versa
  2. ensuring the UK’s continued participation in the economic and legal institutions of the EU
  3. what the UK will pay to the EU, and
  4. the Irish border.


But the key element of the agreement, if approved by the EU27 on 25 November and subsequently by Parliament, would be the unlocking of an initial transition period to December 2020.


Scott Knowles, Chief Executive at the Chamber, said: “The Withdrawal Agreement doesn’t give business any long term security, won’t do anything to encourage investment in the UK and can be extended for a currently unspecified period.


“In short, it would commit us to at least another 21 months of continuing uncertainty for business but, if implemented, should at least prevent the potential chaos of leaving the EU without a deal in March next year.


“This is not what business needs and not what the UK economy needs. We need a clearly defined route out of the EU so that we can start shaping future investment to ensure UK plc remains a global player on the world business stage.”


The Withdrawal Agreement summary can be found here https://bit.ly/2nZoZ9f.