The British Chambers of Commerce has issued a stark warning to the next UK government, urging them to negotiate a better trading relationship with the EU to alleviate the mounting costs faced by businesses post-Brexit. The lobby group highlighted that stricter migration rules and escalating expenses and complexities in exports were stifling investment and growth within the country.
BCC director-general Shevaun Haviland emphasized the urgent need for a more favorable trading arrangement with the EU, citing the continuous influx of new rules that were making life increasingly challenging for exporters and their suppliers. The ongoing struggles faced by businesses have sparked a wave of criticism regarding the repercussions of Brexit, with the upcoming general election on July 4 looming large.
While both Labour and the Conservatives have been cautious in addressing Brexit due to its divisive nature among voters, Labour leader Sir Keir Starmer has indicated a desire to strengthen trade and defense ties with the EU if he assumes the role of prime minister. Despite this, Starmer has ruled out rejoining the single market or allowing freedom of movement between the UK and the EU.
The BCC’s concerns are echoed by prominent figures in the business community, with former BT Group chair Sir Mike Rake labeling Brexit as a significant economic and reputational setback. The call for closer economic and political alignment with the EU has gained traction among industry leaders, who believe it is crucial for restoring growth and enhancing the country’s global standing.
As the UK grapples with the aftermath of Brexit, the pressure is mounting on policymakers to address the challenges faced by businesses and secure a more favorable trading environment with the EU. The upcoming general election will serve as a critical juncture in determining the country’s future economic trajectory in a post-Brexit landscape.