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News Article

Bad Brexit Deal ‘Would Be Disastrous’ For British Growth & Investment

Jun 15, 2017

Those in favour of Brexit would have us believe that leaving the EU would be beneficial for business in the UK, with trade with the world as a whole replacing free access to markets in Europe – but a new report has suggested that a bad Brexit deal would actually spell disaster for jobs, growth and investment in the UK.

The paper – compiled by senior fellow at Harvard University’s Mossavar-Rahmani Center for Business and Government Peter Sands and former shadow chancellor Ed Balls – has found that business owners and trade associations are “highly sceptical” that trade expansion with the rest of the world would replace unrestricted access to the EU market.

However, it was noted that companies do recognise that leaving the single market would allow the UK to strike up new trade deals that reflect British priorities more closely, as well as focusing on those economies around the world that are expanding the quickest.

It was concluded: “It is clear that for the small and middle-sized British companies that comprise the backbone of the UK economy, Brexit poses significant challenges and some opportunities, although the potential upsides appear relatively limited in scope and scale. Making Brexit into a success for British business will require resolving some difficult trade-offs and implementing some complex procedures in a very short timeframe.”

However, the result of the recent general election could see Brexit negotiations delayed and have a negative impact on the UK economy, Moody’s and S&P have now warned. Trade talks were to start on June 19th but this is likely to be delayed because the Conservatives have now lost their majority.

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