Business groups are exasperated after the Prime Minister's EU withdrawal plan was again rejected by Parliament. They called on MPs to shut down the possibility of a no-deal Brexit and come up with a clear EU exit plan. The City UK, the finance industry body, said leaving without a deal would be an own goal of historic proportions.
Investment in the UK car sector almost halved last year and output tumbled as Brexit fears put firms on red alert, the industry's trade body said. Inward investment fell 46.5% to £588.6m last year from £1.1bn in 2017, the Society of Motor Manufacturers and Traders (SMMT) says.
Chancellor of the Exchequer Philip Hammond has said the “era of austerity is finally coming to an end”, in his last Budget before Brexit. He spent a windfall from better public finances on more money for universal credit and bringing forward planned income tax cuts by a year.
A no-deal exit from the European Union would deliver a “hammer blow” to the British economy, the head of the CBI has warned. The business body’s director general Carolyn Fairbairn said the country should get behind Prime Minister Theresa May’s Chequers proposals as a blueprint for a Brexit deal.
Diverging from European Union rules after Brexit will mean more costs than benefits for British business, a report by the CBI employers' group says. In a survey of 23 industry sectors, the vast majority preferred continued close alignment with EU regulations.
Time is running out on Brexit, and the UK should remain in a customs union with the EU, the Confederation of British Industry has warned. Carolyn Fairbairn, head of the UK business group, said there was a lack of clarity surrounding ongoing talks about the future of UK-EU trade.
British Prime Minister is to unveil a new, more interventionist, and industrial strategy on Monday, designed to boost the post-Brexit UK economy. The government will be “stepping up to a new, active role,” Mrs. May said. She will launch the new strategy at her first regional cabinet meeting, to be held in the north-west of England.