Cyprus Mail 18 October 2020 - by Reuters News Service
More than 70 British business groups representing over 7 million workers have made a last-ditch attempt to persuade politicians to get back on the dialogue table next week to strike a deal with the European Union, the Financial Times newspaper reported on Sunday.
Organisations from across British business in automotive, aviation, chemicals, farming, pharmaceuticals, tech and financial services sectors have united to urge both sides to find a compromise over trade terms.
The groups ranged from the CBI, TheCityUK and techUK to the National Farmers’ Union, British Retail Consortium and the Society of Motor Manufacturers and Traders and asked for the sides to find a compromise over trade terms, the report added on.ft.com/2H8JayB.
“With compromise and tenacity, a deal can be done. Businesses call on leaders on both sides to find a route through”, the newspaper quoted the groups as saying in a statement.
Executives have warned that many companies are not prepared for the disruption, red tape and expense of having to trade with EU counterparts next year. Smaller companies in particular are struggling to prepare for a no-deal outcome as they seek to survive the economic downturn caused by Covid-19.
More than three-quarters of UK firms say they need a deal quickly, according to the groups. “With each day that passes, business resilience is chipped away.” “It is absolutely clear that it’s in nobody’s interest — and certainly not patients — to face the future with uncertainty around how medicines will be regulated, tested and moved throughout Europe and the UK,” said Richard Torbett, chief executive of the Association of the British Pharmaceutical Industry, told the Financial Times.
Paul Everitt, chief executive of ADS, warned that the UK’s aerospace, defence, space and security industries would face major disruption without a deal “through delays to cross-border trade, costly administrative requirements and a new regulatory system.”
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