Most British firms will delay investment and cut recruitment plans unless a Brexit transition deal is agreed early next year, company bosses have warned. Paul Drechsler, president of the Confederation of British Industry (CBI), said there was “exasperation” at the lack of progress, and criticised the fact that Theresa May had still not held a full cabinet discussion on the final Brexit deal. He said that any free trade deal struck with Europe would have to cover the services sector, which makes up the bulk of the UK’s economy. It means the CBI wants the agreement to go way beyond the EU’s trade deal with Canada, often cited as a possible model but which does not cover services. Drechsler said a survey of CBI members showed 60% would roll out their contingency plans for crashing out of the EU by the end of March, unless a transition deal was secured soon.

Source: The Guardian November 05, 2017 00:00 UTC