Continuity and clarity needed to give certainty to businesses say CBI on publication of Great Repeal Bill white paper

The CBI has given the business reaction to the publication of the Great Repeal Bill White Paper.

Josh Hardie, CBI Deputy Director-General, said:

“We welcome the Government’s aim to give businesses certainty as the UK leaves the EU, as clarity and continuity on rules will be vital for business planning and investment. This is vital for companies to continue creating jobs and prosperity across all the UK regions and nations.

“Transposing EU rules into UK law will be complex process, especially for heavily regulated sectors like financial services, automotive and pharmaceuticals. Businesses will also need to know that they won’t face a cliff-edge at the end of the two-year Article 50 process.

“A key objective during the negotiations should be continued access to EU markets for UK firms by cooperating on regulation. Business will want to see more details from the Government on how this may be achieved.

“Having a different set of rules with our biggest trading partner could add significant complexity and costs, which would be most keenly felt by smaller firms. 

“Once the UK has left the EU, the Government should explore targeted opportunities for regulatory flexibility in consultation with business, but not at the expense of access to international markets. 

“While the Great Repeal Bill is an important piece of the jigsaw, it must go hand-in-hand with securing some early wins in the Brexit negotiations to give businesses confidence that the UK and EU will achieve a successful outcome. 

“We are calling on the business community to engage with the government on the Great Repeal Bill as it will affect almost every company across the UK.”