British companies hope that UK Prime Minister Boris Johnson’s trade deal with the European Union won’t allow any economic disruptions, and they are ready to lobby for this. All in all, the bloc is the UK’s biggest export market.
Adam Marshall, director general of the British Chambers of Commerce (BCC), commented:
“Ministers need to
work with us at pace to get the detail right. The focus has to be on getting
concrete answers to the real-world questions facing business and the economy.”
UK-based businesses have suffered for more than three years since the Brexit referendum, wasting resources on stockpiling ahead of deadlines that have been delayed several times. Johnson’s historic win in the December election gave hopes, but there is still a lot of confusion about the trade relationship between the UK and the EU.
The PM ruled out any attempt to extend the Brexit transition
period beyond December 2020. Thus, the two sides have only 11 months to reach a
trade deal, as the UK is set to leave the bloc on January 31. However,
businesses are worried that the timeline is too tight, with European leaders
calling for two years of negotiations at least. Companies fear that Johnson’s
decision might lead to a no-deal Brexit, which is the worst-case scenario for
the British economy.
BCC consultant Anna Jerzewska
“This is going to be a
crazy rush. I don’t think people understand how much we need to do in such a
short period of time.”