LONDON: UK businesses feel a “growing sense of urgency” for a Brexit transition deal, the head of Britain’s largest business lobby group said on Monday. Brexit “is tomorrow for many firms and they are making plans now in response to what might be WTO rules which could mean tariffs on food,” Fairbairn told the BBC, calling for a “one-step transition deal”. No deal on post-Brexit trade terms would mean reverting to World Trade Organization (WTO) tariffs. Five major business groups including the CBI and Federation of Small Businesses have written a draft letter intended for Brexit secretary David Davis, calling for a swift and barrier-free transition deal. Downing Street said the details of the “implementation period” would have to be discussed alongside the final trade deal.

Source: Manila Times October 23, 2017 11:48 UTC