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East Midlands Chamber News

Chamber speaks out on continued lack of clarity over Brexit

MPs Yvette Cooper and Oliver Letwin will try today to push a law through Parliament to block any possibility of a no-deal Brexit.

 

They have published draft laws that would oblige the Government next week to seek a long delay to Brexit if there is no agreement on a deal by 10 April.

 

They will try to force the Bill through the Commons in a matter of hours.

 

While unusual, there is precedent for getting Bills through the legislative process quickly in times of national emergency.

 

If the Commons adopts the Bill today it will still have to be read in the House of Lords and achieve Royal Assent before 10 April in order to become enacted.

 

Speaking ahead of the debate on the Bill , Scott Knowles, the Chamber’s Chief Executive, said: “The last thing business needs is yet more delay in this process.

 

“The results of our most recent Quarterly Economic Survey show quite clearly that many firms are facing cash flow problems as they either stockpile in preparation for a no-deal Brexit or are having their payment terms ‘stretched’ by creditors seeking to secure their own financial position against uncertain outcomes.

 

“Cash flow problems are stifling growth by blocking investment in premises, plant and people, creating frustrations that could easily become anguish if firms suddenly find themselves falling over the precipice between viability and insolvency.

 

“While everything must be done to avoid a disorderly and messy exit from the European Union, what is far more important from a business perspective today is a clear view of the road ahead so that companies regain the confidence they need to resume investment and return to growth.”

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