Plunging out of the European Union in two years without a new trade deal would open up a Pandora’s box for Britain’s businesses, Paul Drechsler, the president of CBI, has warned.
As Theresa May prepares to trigger the formal talks process for leaving the EU, Drechsler used a speech at Mansion House in the City of London on Thursday night to warn that the two-year article 50 process would be a “roller-coaster” for businesses trying to plan for the future.
The prime minister has said that at the end of the two-year process, no deal would be better than a bad deal, and the Brexit secretary, David Davis, has warned his cabinet colleagues to draw up contingency plans in case Britain has to exit without a deal and is forced to trade with the rest of the EU on less preferential World Trade Organisation terms.
But Drechsler said the consequences for some companies would be so dire it was impossible for them to prepare.
via The Guardian
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