Responding to the Prime Minister’s Brexit speech today, , Director General of
the Institute of Directors, said:
“Business leaders will welcome the Prime Minister’s honest
admission that negotiating the future UK-EU relationship will
involve making difficult choices. The Prime Minister put forward
an ambitious vision for this new partnership, both in terms of
access and sectors. It is important that she explicitly
referenced the need for binding commitments in areas such as
state aid and competition policy, which the IoD has long called
for. Her acknowledgment of the need for new labour mobility
arrangements will also strike a positive chord with businesses.
“On regulation, we are glad to see her refer to the importance of
new cooperation mechanisms that will underpin the trust in each
other’s regulatory frameworks. We look forward to the UK putting
forward proposals that set out more clarity about how this would
work. It was also welcome to hear an explicit reference to
continued participation in EU regulatory agencies such as the
European Medicines Agency.
“We are keen for more details from the Government on the
timelines. It is important to stress that if the UK is doubling
down on its unprecedented customs partnership model, HMRC have
said it will take five years minimum to implement. That means
businesses will need longer to adjust to new settings. We have
long emphasised that businesses and government agencies need time
to prepare for post-Brexit arrangements.
“As we enter phase two of the negotiations, we must ensure
engagement between government and business is frank and
thorough.”
