CBI Urge Politicians To 'Resolve Brexit Gridlock'

A business leader has issued a plea to resolve the current Brexit deadlock and prevent any further damage to the UK economy.

President of the Confederation of British Industry (CBI) John Allan is planning to use his address at the annual CBI dinner to highlight Brexit as a major threat to the essential partnership between business and government.

Speaking before an audience including senior politicians from both Prime Minister Theresa May's Government and the Opposition, Mr Allan will appeal to all sides to resolve the deadlock by reminding them of the negative effects for investment, risking jobs and living standards due to the continued uncertainty.

He warned that the "ever-growing cost" of the current situation has seen £800bn of financial capital already moved out of the UK. 2018 saw four successive quarters of falling investment, the longest such period since the financial crash.

Mr Allan continued: "UK stockpiling is at a rate unseen since records began. The closure, cancellation or relocation of great businesses and their production lines. And all the while our international competitors are pulling ahead.

"I have a plea, from the heart of business, to the heart of politics. Resolve this gridlock. Do whatever it takes and do it fast. The Prime Minister's decision to bring back the Withdrawal Bill in early June is one more opportunity for Parliament to resolve this mess.

"Parliament must seize that opportunity, if not, the uncertainty will become far more acute. It's not for business leaders to tell politicians when to trigger democratic events. But be in no doubt political failure today means economic failure tomorrow. We need to find a way through."



(JG/CM)