Brexit: Business Leaders Call For Swift Transition Deal

Brexit news- Italian finance minister warns UK will lose its financial status

Together they represent companies employing millions of workers.

Ministers have backed a "stand still" transition where all rules stay the same for at least two years after Brexit but nothing has been agreed or signed.

While numerous sentiments in it have been expressed separately by the likes of the CBI and IoD, the letter is the first time they have issued such an explicit collective alert about Brexit threats to growth to a Cabinet minister.

The letter, originally obtained by Sky News, said: "Agreement (on a transition) is needed as soon as possible, as companies are preparing to make serious decisions at the start of 2018, which will have consequences for jobs and investment in the UK".

Concerns about the potential impact on the UK's financial services sector heightened last week when the chairman and chief executive of Goldman Sachs tweeted that he would be spending "a lot more time" in Frankfurt after Brexit.

United Kingdom businesses are concerned that Britain's planned exit from the European Union in March 2019 could involve an abrupt change in the trade relationship with the continent or a potential no-deal scenario involving heavy tariffs on exports and imports.

After a brief digression in which he began quoting some Shakespeare, Johnson said European Union leaders needed to "grip it, get on with it and start thinking about the future".

It is time for European leaders to "get on with it" in pushing forwards on a Brexit deal, Boris Johnson has argued, while insisting he is fully behind Theresa May's strategy on the UK's departure from the EU.

It has not yet been decided if the letter should be made public or kept private, a source from within the CBI said, but it will act as preparatory draft for a meeting of business leaders with government at a Business Advisory Council on Wednesday.

The lobbying groups suggested that the Government use the transition period "to bolster our trade framework and build capacity inside the Department for International Trade", reflecting mounting anxiety about the ability of Liam Fox's ministry to strike rapid bilateral trade deals. Prime Minister May won a modest reprieve on Friday when European Union leaders signalled they were ready to move the negotiations forward in the coming months.

The business groups have been contacted for comment.

Responding to the letter, Labour MP Chuka Umunna said: "Business groups are understandably alarmed by the Government's lack of progress in the talks".

The Foreign Secretary said "now is the time to get on with it" after last week's European Council summit agreed to the 27 remaining EU members beginning internal preparations for the next phase of talks, which will cover trading arrangements and a possible transitional phase.

Related News:

  • Amazon Crime? Company Sends 65 Pounds Of Marijuana To Florida Couple

    Amazon Crime? Company Sends 65 Pounds Of Marijuana To Florida Couple

    The weed allegedly had been shipped by a Amazon's Warehouse Deals via UPS from MA . Orlando police say no arrests have been made but the investigation is continuing.
    Widow Of Fallen Soldier Confirms Rep.'s Account Of POTUS Call

    Widow Of Fallen Soldier Confirms Rep.'s Account Of POTUS Call

    Frederica Wilson , and President Donald Trump continues after Wilson said that Trump didn't know the name of Myeshia's husband. That's the presidential equivalent of a parent warning children in the back seat, "Don't make me stop this vehicle ".
    Pay with Google service goes live

    Pay with Google service goes live

    The technology making this possible, the Google Payment API , was first announced this May at Google's I/O developer conference . Google sends the merchant your payment info and shipping address using the information from your account - no typing required.
  • 5 biggest mistakes made at WWE TLC 2017

    5 biggest mistakes made at WWE TLC 2017

    The Miz , Cesaro & Sheamus , Braun Strowman, and Kane by Kurt Angle pinning The Miz following the Olympic Shield Bomb. She won her main roster debut by defeating Emma and it seems that her second match is already set.
    Prominent journalist at news radio station stabbed in Moscow

    Prominent journalist at news radio station stabbed in Moscow

    A spokesman for the Russian Prosecutor-General's office, Alexander Kurennoi, said on Facebook the attack was an outrageous act. The state television channel Rossiya 24 put out a report two weeks ago that described the station as an "arm of the U.S.

    NASA finds Mars has a twisted magnetic tail

    According to the new research , the "magnetotail" has been caused by the twisted interaction with solar wind. The process also releases energy, much like a stretched rubber band snapping into place.
  • Mueller Adds Podesta Group To Russia Probe

    Mueller Adds Podesta Group To Russia Probe

    Both Manafort and the Podesta Group did not disclose their relationship with the ECMU until media reports exposed the arrangement. Podesta is the brother to John Podesta, the chairman of Hillary Clinton's presidential campaign, although he is not part of Mr.
    Sony Xperia XZ Premium getting Android 8.0 Oreo from today

    Sony Xperia XZ Premium getting Android 8.0 Oreo from today

    A few days ago, Sony Xperia XZ Premium owners may have seen news about the promised Android 8.0 Oreo release for their phone. Autofocus burst: Recognises, tracks and captures sequences of moving objects in sharp focus for blur-free action shots.
    Mom: Cub Scout kicked out of group after asking about guns

    Mom: Cub Scout kicked out of group after asking about guns

    Marble reportedly defended her stance on guns, saying that "the more guns a society has, the less crime or murders are committed". Ames Mayfield, 11, pressed his Republican senator Vicki Marble during a question and answer session on a den outing.
  • Rain Leaving Monday, Cooler Air Moving In

    Rain Leaving Monday, Cooler Air Moving In

    And it gets better from there, if you like the sound of this so far: highs in the 70s bottom out to the 50s overnight . We can expect a soaking rain Tuesday into Wednesday , and maybe even a few rumbles of thunder and gusty wind.
    First reported case of JioPhone exploding, company calls it sabotage

    First reported case of JioPhone exploding, company calls it sabotage

    The blog cases to approach a photograph of the telephone's charger, and its wire is as far as anyone knows likewise liquefied. Another aspect supporting the claim is that the device's battery was still functional when examined by the Lyf distributor.

    Bradley Walsh, Tosin Cole And Mandip Gill

    Tosin Cole also played a regular role in Hollyoaks , though his most prominent role is probably his minor part as X-wing pilot Lt. More news to follow on the outgoing Season 10 Doctor Who cast and the next Doctor Who Season 11 as it becomes available.


Most liked

Starbucks Corporation (NASDAQ:SBUX) Trading Down - Short Interest Down -9.44%
Starbucks Corporation accounts for about 2.9% of Geneva Advisors LLC's holdings, making the stock its 3rd largest position. The coffee company reported $0.55 earnings per share for the quarter, hitting the Zacks' consensus estimate of $0.55.

Align Technology's (ALGN) "Buy" Rating Reiterated at Stifel Nicolaus
Calamos Wealth Management Llc bought 50,013 shares as the company's stock declined 7.50% while stock markets rallied. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock.

Govt appoints Interlocutor for peace in J&K
Sharma, a 1976 batch Kerala cadre IPS officer, retired as director of the IB on December 31, 2016. Singh also made it clear that there was no time-frame set for him as the issue was sensitive.

Baker Hughes a GE company Class A
Employees Retirement Association Of Colorado holds 0.03% of its portfolio in Baker Hughes A GE Co (NYSE:BHI) for 77,564 shares. It also reduced Macy's Group Inc Ordinary (NYSE:M) stake by 113,364 shares and now owns 287,810 shares.

Virginia to hire Carla Williams as AD
Littlepage served as a men's basketball assistant and administrator in several positions before becoming athletic director. Littlepage announced at the beginning of this academic year that he plans to retire.

Philippe Coutinho's future could be sorted in the next week
We do not talk about that, why should we? Coutinho, since he was reintegrated by Klopp, has enjoyed a tremendous run of form too. Position-wise I think it should be possible but it is hard with the few points we have given away.

Cisco To Buy BroadSoft For $55/shr
Upon completion of the deal, BroadSoft employees will join Cisco's unified communications technology group. The buyout is expected to close in Q1 2018, following regulatory approval.

Dileep hires private security, cops seize vehicles
The security agency has offices in Thrissur and Palakkad and retired IPS officer PV Valsan is in charge of the agency in Kerala. Earlier, it was reported that Dileep would be "covered" round the clock by at least three personal security guards (PSGs).

Pakistan FM appears before accountability court
The court had indicted Dar last month in a NAB reference pertaining to his owning assets "beyond his known sources of income". When judge inquired about the arrival of Haris, the junior counsel said that he will come by Wednesday of next week.

World Superbike champion Jonathan Rea completes Jerez double
Rea has now achieved 110 rostrum finishes in the series, moving one ahead of Fogarty. Rea said: "It's nice to tick the box for a Jerez win".

Apple will release a cheap version of the iPhone X in 2018
Nomura restated a "buy" rating and issued a $165.00 target price on shares of Apple in a research report on Wednesday, July 5th. The iPhone maker reported $1.67 earnings per share for the quarter, topping the Zacks' consensus estimate of $1.57 by $0.10.

Clippers' Teodosic leaves game with foot injury
Teodosic signed a two-year deal with the Clippers during the offseason and has impressed his teammates with his passing. Teodosic was a starter on Saturday after recording six points and six assists in the other game he played this season.

Malaysia asks Interpol to trace 1MDB-linked financier Jho Low
U.S. justice officials accuse him of using looted money to purchase items including artwork, a hotel and a luxury yacht. Zahid, who is also home minister, added that the police had not received any information on the matter.

USA defense chief to visit S. Korea for annual talks
The Pentagon said Mattis embarked on his trip Saturday to "re-affirm the enduring US commitment to the Asia-Pacific". They are meeting in Clark, a former U.S. military base north of Manila.

May, Juncker aides in Twitter spat over dinner leaks
Mr Khan was responding to Goldman Sachs CEO Lloyd Blankfein's tweet that he would spend more time in Frankfurt due to Brexit. On Friday, EU leaders moved to speed up talks and spoke of opening a new phase in December.