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Businesses sound alarm as UK says prepare for no-deal Brexit

/ 09:41 PM January 23, 2019

The sun shines through European Union flags tied to railings outside parliament in London, Tuesday, Jan. 22, 2019. British Prime Minister Theresa May unveiled her Brexit Plan B on Monday — and it looks a lot like Plan A. May launched a mission to resuscitate her rejected European Union divorce deal, setting out plans to get it approved by Parliament after securing changes from the EU to a contentious Irish border measure. (AP Photo/Kirsty Wigglesworth)

LONDON — A senior British Cabinet minister said businesses need to prepare for the possibility the United Kingdom will leave the European Union in March without an exit deal, as a growing number of British firms said they are stockpiling goods or shifting operations overseas.

Last week, British lawmakers threw out Prime Minister Theresa May’s EU divorce deal, and attempts to find a replacement are gridlocked. International Trade Secretary Liam Fox said Wednesday that “no deal is a possibility.”

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Many business groups said a “no-deal” Brexit will cause economic chaos by imposing tariffs, customs checks, and other barriers between the U.K. and the EU, its biggest trading partner.

Carolyn Fairbairn of the Confederation of British Industry said politicians must rule out a no-deal Brexit “to halt irreversible damage and restore business confidence.” /kga

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TAGS: Brexit, Britain, Business, business news, Carolyn Fairbairn, Economy, EU, International news, Liam Fox, news, Politics, Theresa May, Trade, UK, world, world news
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