SME Times is powered by   
Search News
Just in:   • Modi hints at more steps to push growth to double digit  • Tourism-dependent MSEs can expand reach adopting IT: Travelyaari CEO  • Indefinite nationwide truck strike begins  • Media should act as means of empowerment: Naidu  • Committee to examine using MNREGA in agriculture 
Last updated: 07 Jul, 2017  

brexitTHMB.jpg UK business heads urge single market until Brexit

Brexit.9.jpg
   Top Stories
» Modi hints at more steps to push growth to double digit
» Media should act as means of empowerment: Naidu
» Prabhu's recent US visit to help sort trade issues: CII
» Push collaboration with countries leading in AI: Study
» Prabhu reviews progress of sectoral export promotion strategy
IANS | 07 Jul, 2017
The UK should stay in the single market and customs union until a final Brexit deal is in force, the Confederation of British Industry (CBI) said on Friday.

CBI head Carolyn Fairbairn said it was "impossible" for all the details of a new trade deal with the European Union (EU) to be in place by March 2019, reports the BBC.

That is when talks about the UK's withdrawal are due to formally finish.

To minimise disruption, UK businesses need a "bridge" instead of a "cliff edge" for the new deal, she said.

Businesses are delaying investment because of the uncertainty, according to the CBI, whose members employ nearly 7 million people.

The CBI's comments come ahead of a government conference on Friday with business figures from sectors across the UK.

The event, to be hosted at Chevening House in Kent, is part of government plans to work more closely with industries over Brexit.

"While we will be leaving the single market and the EU customs union, we want to achieve a comprehensive free trade agreement that allows for the most frictionless possible trade," the BBC quoted a government spokesman as saying.

The CBI's proposal was backed by a range of business bodies, including from retail, aerospace and manufacturing.

Terry Scuoler, chief executive of the manufacturers' body EEF, said: "The absence of any clarity for businesses makes this a sensible approach to transition."

Business groups have increased their calls in recent weeks for the UK to maintain existing trading relations with the EU.

After last month's general election, five business bodies -- including the CBI and EEF -- called for the government to maintain the economic benefits of the single market and the customs union.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Jun, 2018
  Daily Poll
Is counterfeiting a major threat to SMEs?
 Yes
 No
 Can't say
  Commented Stories
» Starting an import export business: Basic guide for beginners(30)
» Modi interacts with Digital India beneficiaries(1)
» RBI eases NPA norms for MSMEs(1)
» Fiscal deficit, GDP data: Is it a turnaround(1)
» Modi interacts with young innovators, start-up entrepreneurs(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter