ibusinesslines.com July 23, 2018

Twice as many Britons acquired another European Union citizenship in Brexit vote year

11 April 2018, 06:17 | Melissa Porter

GETTYMacron and Merkel want to reform the eurozone

Macron and Merkel

The organisation's Director-General Carolyn Fairbairn says the task of unpicking 40 years" economic and regulatory integration is complex and colossal, adding that the new report, called "Smooth Operations' is based on thousands of conversations with United Kingdom businesses, as well as dozens of leading trade associations.

But while the report also sets out opportunities for British business from potential regulatory rule changes after Brexit, it adds that overall opportunities for divergence are "vastly outweighed by the costs of deviating from rules necessary to ensure smooth access to the European Union market".

Such a move would also "increase costs for United Kingdom business at every part of the [aerospace] supply chain" potentially risking growth in the highly valued aerospace sector which drives £28bn of United Kingdom exports each year, the report said.

The report covers 23 sectors including life sciences and creative industries, in which the East of England is said to have particular strength.

May says she wants a trade deal that's more ambitious than any of the EU's previous accords. The UK's export credit agency, UK Export Finance (UKEF) has almost £3bn available to support UK companies doing business in SA, as well as South African companies looking to buy British goods and services. It provides unparalleled evidence to inform good decisions that will protect jobs, investment and living standards across the UK.

"Deviation from rules in one sector will have a knock-on effect on businesses in others, and divergence from rules in one part of a production process will have consequences for market access throughout entire supply chains. Continued regulatory alignment will also be required to support the all-island Single Electricity Market - a key priority for local firms". But May's insistence on it is one of the obstacles that will prevent the United Kingdom from keeping its access to Europe's single market after the split. Our shared strong commitment to open trade, democracy and the rule of law gives us the solid foundation from which to build an exciting and prosperous future. The CBI's corporate members together employ almost 7 million people, about one third of private sector-employees.

A sector-by-sector summary of rules and regulations desired by businesses as part of the CBI's extensive consultation can be found at the start of the report.

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