(qlmbusinessnews.com via news.sky.com– Wed, 16th Jan 2019) London, Uk – –
The PM's commons defeat has angered business leaders who fear they are looking “down the barrel” of a no deal Brexit.
Business leaders have expressed their “frustration” over the political turmoil and lack of a Brexit deal after Prime Minister Theresa May's defeat in the Commons.
Sky's City editor Mark Kleinman reported executives from some of the biggest companies rounded on cabinet ministers after they refused to rule out a no-deal Brexit.
Here's the response to Mrs May's defeat from some of UK's leading business groups.
Adam Marshall, director general of the British Chambers of Commerce, said:
“There are no more words to describe the frustration, impatience, and growing anger amongst business after two and a half years on a high-stakes political rollercoaster ride that shows no sign of stopping.
“Basic questions on real-world operational issues remain unanswered, and firms now find themselves facing the unwelcome prospect of a messy and disorderly exit from the EU on March 29th.”
Stephen Martin, director general of the Institute of Directors, said:
“It is the collective failure of our political leaders that, with only a few weeks to go, we are staring down the barrel of no deal.
“As things stand, UK law says we will leave on 29th March, with or without a withdrawal agreement, and yet MPs are behaving as though they have all the time in the world – how are businesses meant to prepare in this fog of confusion?
“The clock is still ticking, and whatever the outcome of tomorrow's no confidence vote, the reality is that MPs will still need to find a way to put aside their differences and come to an agreement.”
Carolyn Fairbairn, CBI director-general, said:
“Every business will feel no deal is hurtling closer. A new plan is needed immediately. This is now a time for our politicians to make history as leaders. All MPs need to reflect on the need for compromise and to act at speed to protect the UK's economy.”
Miles Celic, chief executive of TheCityUK, said:
“The outcome of today's vote prolongs uncertainty and will continue to depress business confidence.
“The lack of clarity on the path to an orderly Brexit risks disruption and financial instability on both sides of the Channel. We urge the government and MPs to carefully consider the options without delay and put forward an economically sensible way ahead.
“A no deal outcome is not in the best interests of customers in the UK or the EU.”
Catherine McGuinness, policy chair at the City of London Corporation, said:
“Parliament's decision to reject the Government's deal means businesses across the UK will continue to face uncertainty regarding our relationship with the European Union.
“The Government must now urgently set out its ‘Plan B' to ensure we can secure a deal locking in a legally binding transition before 29 March.
“Financial stability must not be jeopardised in a game of high-stakes political poker. Politicians across all parties should work together pragmatically to avoid a no-deal Brexit, which would be a hugely damaging outcome for households and businesses on both sides of the Channel.”