November 21st, CBI annual conference
Following Prime Minister Theresa May’s speech on Brexit at the CBI annual conference on Monday, where she acknowledged businesses’ desire to avoid a “cliff edge”, May guaranteed premature concessions in relation to the standing of UK and EU nationals in Europe and the UK respectively.
Many businesses have empathized their concerns and have pushed for an intervention to allow them to trade as normal, post-Brexit. May expressed her understanding around these worries of trade and regulation following Brexit leaving the EU, however withheld plans surrounding these issues which was frowned upon.
Concerns and solutions
In the wake of Britain leaving the EU and the possible loss of the single market, potential alternatives are being put in place to help grow the UK’s economy and maintain foreign trade. May assured that productivity will be increased and the countries corporation tax will be cut by 2020 falling from its current 20% rate to a new 17%.
Labour Leader Jeremy Corbyn later spoke at the event, scrutinizing the way in which the government have been dealing with Brexit which he believes is impeding on organisations plans for their future. He also advises that the decrease in corporation tax by the government was “reckless short-term grandstanding”. Additionally Paul Drechsler – CBI President expressed concern of a sudden and huge overnight change in trading situations
However creating hope and positivity, May hinted at the possibility of a temporary deal that would be put in place between the UK and EU in the days following Brexit. This will be effective until a final arrangement has been agreed. This may help Britain remain in the single market for a number of years following Brexit.
Many are weary that Brexit plans have yet to be devised. May furthered these concerns when she said “the right approach is not to rush ahead without doing the ground work, but to take the time to get our negotiating position clear before we proceed’ thus suggesting plans have not yet commenced.
Nothing can be for certain surrounding the outcome of Brexit and this probably won’t be the last time Prime Minister May will stands before the CBI congress
Additional topical addressed by May
- By 2020 May hopes to have invested £2 billion annually in research and development
- Distribute economic growth across the UK
- Implement small business research programs to help innovators get started
- Provide the “lowest corporation rate in the G20”
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