A failure to deliver a deal on the United Kingdom’s withdrawal from the European Union will add more barriers to global trade and risk thousands of UK jobs, said the Secretary General of the world’s largest business organisation.
Noting the UK’s historic role as a champion for global trade, ICC Secretary General John W.H. Denton AO warned that a “no-deal” Brexit will dangerously add additional barriers to trade and investment at a time when protectionist measures worldwide are already approaching alarming levels.
With regard to Brexit, ICC has continually called on the UK to seek the closest possible trading relationship with the EU to keep cross-border trade as frictionless as possible. The organization – which represents over 45 million businesses employing 1.2 billion workers globally – urges Members of Parliament to seek the necessary compromises to ensure that a no-deal Brexit is taken off the table without delay.
Commenting after today’s Brexit debate in the UK Parliament, ICC Secretary General John W.H. Denton AO said:
“It is crucial that UK and EU leaders reach a deal that provides clarity to business and protects the livelihoods of those who depend on a vibrant and competitive UK economy.
A no-deal scenario invites instability and will force significant hardship on UK businesses – particularly SMEs – in addition to threatening thousands of jobs within the country. At an international level, a no-deal also risks disrupting international supply chains at a time when protectionism is already undermining global growth.
If pursued, the best exit from the EU would be an orderly one, which provides greater certainty for those in the UK, its trading partners and global business.”