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CBI: Brexit delay 'could only be a stay of execution' | CBI: Brexit delay 'could only be a stay of execution' |
(32 minutes later) | |
Business groups have welcomed Parliament voting to seek a delay to Brexit. | Business groups have welcomed Parliament voting to seek a delay to Brexit. |
But the CBI said that without a "radically new approach" to Brexit, a delay could only be "a stay of execution". | |
The British Chambers of Commerce added that it "leaves firms with no real clarity on the future." | The British Chambers of Commerce added that it "leaves firms with no real clarity on the future." |
The pound fell a third of a cent against the dollar immediately following the vote. | The pound fell a third of a cent against the dollar immediately following the vote. |
The fall follows a climb to nine-month highs against the US dollar and a nearly two-year high against the euro after a vote on Wednesday. | The fall follows a climb to nine-month highs against the US dollar and a nearly two-year high against the euro after a vote on Wednesday. |
Currency: Pound vs dollar | Currency: Pound vs dollar |
The latest vote came after MPs rejected Theresa May's withdrawal agreement for the second time and then ruled out a no-deal Brexit. | The latest vote came after MPs rejected Theresa May's withdrawal agreement for the second time and then ruled out a no-deal Brexit. |
'Knife edge' | |
However, business groups remained sceptical about the Brexit process. | However, business groups remained sceptical about the Brexit process. |
Josh Hardie, CBI deputy director-general, said: "After an exasperating few days, Parliament's rejection of no deal and desire for an extension shows there is still some common sense in Westminster. But without a radically new approach, business fears this is simply a stay of execution." | Josh Hardie, CBI deputy director-general, said: "After an exasperating few days, Parliament's rejection of no deal and desire for an extension shows there is still some common sense in Westminster. But without a radically new approach, business fears this is simply a stay of execution." |
Helen Dickinson, chief executive of the British Retail Consortium, said: "Britain stands on a knife edge. Parliament must put an end to this uncertainty." | |
"Without definitive action by MPs in the next six days, we will see the UK crashing out of the EU on 29 March without a deal." | |
Business investment has been one casualty of the uncertainty, with a slow down in December recorded by the Office for National Statistic. | |
It said that investment had fallen quarter on quarter all through the year for the first time since the economic downturn of 2008 to 2009. | |
The Bank of England ascribed the falls to "rising uncertainty, mostly related to concerns around Brexit". | |
Business groups have been increasingly exasperated by a lack of progress in Parliament on Brexit. | |
Dr Adam Marshall, director general of the British Chambers of Commerce (BCC), said: "Once again, businesses are left waiting for Parliament to reach a consensus on the way forward and are losing faith that they will achieve this. | Dr Adam Marshall, director general of the British Chambers of Commerce (BCC), said: "Once again, businesses are left waiting for Parliament to reach a consensus on the way forward and are losing faith that they will achieve this. |
"In the meantime, firms are continuing to enact their contingency plans, anxiety amongst many businesses is rising, and customers are being lost. | "In the meantime, firms are continuing to enact their contingency plans, anxiety amongst many businesses is rising, and customers are being lost. |
"Businesses, jobs, investment and our communities are still firmly in the danger zone." | "Businesses, jobs, investment and our communities are still firmly in the danger zone." |
Catherine McGuinness, policy chair of The City of London Corporation said: "The clock is ticking. Further delays will mean households and businesses remain hostage to the crippling economic uncertainty that has already plagued them since the referendum." | Catherine McGuinness, policy chair of The City of London Corporation said: "The clock is ticking. Further delays will mean households and businesses remain hostage to the crippling economic uncertainty that has already plagued them since the referendum." |
Tech industry body TechUK said "We remain days away from a chaotic exit from the EU." | Tech industry body TechUK said "We remain days away from a chaotic exit from the EU." |