LONDON – On Monday, the Confederation of British Industry stated that Britain should not exclude the service industry from a planned trade deal with the EU as a price to retain its economic control.
The group representing British employers urged British Prime Minister Boris Johnson to clinch a post-Brexit deal which shall not overlook the country’s service industries.
These service industries, including finance, shall suffer if both London and Brussels stick to their guns and many employers fear this outcome.
CBI also stated that it is vital for goods companies to avoid costly complexities with red tape and customs.
The trade deal talks between Britain and the EU begin next month.
A goods-only deal is an outcome most likely expected by most economists.
Business groups and Johnson’s relations have faced a strain due to his dismissal of their concerns.
British companies backed the negotiations of the government’s objectives like securing zero trade tariffs and free data flow allowance.
“In other areas, how the government strikes the balance between access and control is less clear. All efforts must be made in these talks to save exporters time and money, avoiding new paperwork, costs and delays.”
– Carolyn Fairbairn, Director-general of CBI
London and Brussels are disparate on key issues with Britain’s insistence that it must be free to set its own rules for business while EU fights for a so-called level playing field on issues such as the state aid and the environment.
CBI agreed with the government that Britain had to seize new opportunities by setting emerging technologies regulations for artificial intelligence, digital payments and quantum computing.
“But for the UK to truly be spear-heading this new frontier, its world-leading industries must not be distracted by significant new burdens on their exports,” it said.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field.