(Click here to view the September issue of PBSI)The Confederation of British Industry (CBI), which represents 190,000 UK businesses, welcomed the Prime Minister and urged for immediate action regarding Brexit. Carolyn Fairbairn, CBI Director-General, said: “Business needs three things in the first 100 days. A Brexit deal that unlocks confidence; clear signals the UK is open for business; and a truly pro-enterprise vision for our country. On Brexit, the new Prime Minister must not underestimate the benefits of a good deal. It will unlock new investment and confidence in factories and boardrooms across the country.”In early August, the latest GDP figures revealed that the UK economy had shrunk by 0.2% in the second quarter of the year. Alpesh Paleja, CBI Lead Economist, said: “It’s clear from our business surveys that underlying momentum remains lukewarm, choked by a combination of slower global growth and Brexit uncertainty. As a result, business sentiment is dire. Securing a Brexit deal before the October 31 deadline is the first step to revving up the economy.”The UK may have a new deadline and a new leader, but there seems little chance of a new deal. The EU has stated that the agreement struck by Theresa May, which was voted down three times by Parliament, is the only deal possible. In response, Boris Johnson has said the likelihood of the UK being “forced to leave with a no-deal” in October has increased.The continued stalemate is a blow to the CBI’s hopes for a speedy resolution that could bring much needed market stability for UK business. It seems that Boris Johnson’s belief that the UK will agree a new, better deal will go unfounded and, as a result, both he and UK business could be in for quite the scare come October 31st.
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