Reaction to Theresa May’s Brexit speech
Scott Knowles, Chief Executive of East Midlands Chamber, said:-
“Our members will take a level of comfort that Prime Minister Theresa May today offered business an assurance that she wanted continued free trade between Britain and the EU after Brexit.
“But she also said that she wanted Britain to be free to negotiate trade deals with other countries around the world without being tied to constraining EU rules and regulations.
“And it was reassuring to hear her say that ‘no EU deal for Britain would be better than a bad deal for Britain’ as it would leave us free to set its own tax rates, for example, which would make the UK more attractive than the EU to invest in, which would be bad for the EU.
“We were pleased to hear her commit to ensuring Britain should remain a global player in the fields of science and innovation and that she would strive to continue to attract the brightest students to our universities.
“And for the first time she has stated that she wants UK firms to be able to continue to recruit the skills they need from among EU nationals and for UK citizens to work and live in the EU.
“She is also talking about a period of transition between the UK being part of the EU and after it leaves so that the impact of our exit is softened.
“These are things that business needed to hear, but there remain concerns about Britain’s place in the Customs Union, which facilitates free passage of goods throughout the EU, to which Mrs May said that she wanted Britain to be able negotiate its own international trade agreements but that she also wanted to retain the benefits of being part of the Customs Union. But she said she had no preconceived position on whether we stay in it or not.
“Mrs May said she didn’t think we’d be able to remain part of the Single Market as to do so would require the UK to continue to abide by EU rules and regulations and have open borders, which is what the public said they didn’t want.
“But she also said she wanted a new model for our friendship and partnership with the EU, not something based on existing models.
“Mrs May has set out a position that indicates that she does have business interests at heart, which is something we have said from the outset should be a driving force in Brexit negotiations.
“We are still walking an unknown path, but it was good to hear Mrs May stress that free trade means more trade, more jobs, more wealth and more growth, barriers to free trade mean the opposite and that it would be a ‘calamitous’ decision to offer a punitive deal to the UK just to dissuade other countries from leaving the EU.
“Business understands that you can’t set all your cards on the table when you’re negotiating and there is a judgment to be made between what you reveal and what you hold back. In the meantime, business will continue to do what it does best – create wealth and jobs and drive the economy – and be ready to meet the challenges that lie ahead.”
