As the heat ramps up amid Britain’s official exit from the European Union, the countries manufacturers have issued a warning that her motto of ‘no deal is better than a bad deal’ is “simply unacceptable”.
Theresa May has started her tenure as Prime Minister with an attitude that for the most part is commendable but to many of the countries industries, concerning. She has continually expressed that country will be heading for a ‘hard brexit’ and if the EU do not in the most part agree to the conditions, would rather walk away without a deal, a motive that much of the country are fearful of.
Wednesday 29th March 2017 is when article 50 will be triggered and the two years of negotiations will officially begin. The EEF, the trade body for manufacturers, has warned a decision to walk away from the negotiating table would be a “lose-lose” outcome for both the UK and the EU.
The trade body has recently released a report that stated the manufacturing sector would be severely damaged should they lose access to the single market, which would leave them exposed to overseas rivals from the first day of independence.
If there is no agreement between Britain and the EU then businesses could face World Trade Organisation tariffs of more than 5% on exports to the continent. The research described suggestions that the UK could walk away with no deal as “simply unacceptable to an industry that accounts for 45% of all UK exports”.
Terry Scuoler, chief executive of EEF, added: “Undermining the building blocks of this relationship [with the EU] – the single market and the customs union – without any other supportive structure in place would undoubtedly hurt our industry and condemn us to a painful and costly Brexit.
“The idea of being able to walk away empty-handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow. The rhetoric from the UK government needs to focus instead on achieving a deal that will work for the UK and the EU.
“Close consultation between government and industry is now vital if we are to successfully deliver a deal that supports trade and minimises costs and uncertainty. Brexit will be the most complex unravelling that any UK government is ever likely to have to undertake and the government will need the help of industry to identify, understand and mitigate the implications.”
The industry employs 2.7million people in the UK and accounts for 45% of all exports. The European Union is by a distance the country’s biggest trading partner and many businesses are reliant on their expansive supply chains spanning the continent. For example, car parts can cross the English Channel as many as four times before they end up in a finished vehicle. The average UK-built car has about 6,000 parts with just 41% built in the country.
Wednesday 29th March 2017 is sure to go down as a landmark day in the Kingdoms recent history.
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