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Business leaders warn Theresa May against 'hard Brexit'

Monday, Oct 10 2016
Business leaders warn Theresa May against 'hard Brexit'

Business leaders have publicly warned the Government to avoid a 'hard' Brexit, saying it could do 'serious and lasting damage to the UK economy'. The joint letter from business groups including the CBI and the EEF, the industry body for engineering and manufacturing employers, said Brexit 'must deliver barrier-free access to the EU's Single Market, which is vital to the health of the UK economy'. Failing to get good terms and falling back on World Trade Organisation rules 'would have significant costs for British exporters'.

The letter added that '90 per cent of UK goods trade with the EU would be subject to new tariffs. 'That would mean 20 per cent in extra costs for our food and drink industry and 10 per cent for our car producers'. The warnings came as industry took fright at the tone of the Brexit debate, which has pointed towards a firm break with the EU that would involve leaving the single market and customs union and depending on WTO rules.

 

Sterling is currently being traded around 1.2380 area. Pair is likely to find support around 1.2350 handle and resistance above 1.2430 level.

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