Large firms are pushing with their plans minding that Britain could fall out of the EU with no agreement as UK’s Prime Minister faces great problems trying to get the negotiations on the right course after a significant setback.
UK is preparing to make a deal with the European Union on December 14 to pass on to the second stage of the negotiations on Brexit.
The centerpiece would be trade and a transition period that would take two years to make the March 2019 departure easier. The schedule though has been considered as questionable following the unsuccessful debates in Brussels at the start of the week.
Executives in the industry of financial services, which keeps near 12% of the economy, explained to Reuters that Prime Minister’s attempts to negotiate a transition period had been tardy and there was no other option but to initiate restructuring.
Manufacturing industry suffers the most because low margins don’t let them finance restructure freely, and they’re ready to do that only if it is indispensable. They were on pause with the investment but are thinking of new certification that would make it possible for them to trade with the EU in case no transition period is agreed upon.
Huge delay and much confusion leave no option for companies but to begin implementing their plans, as the head of one of UK’s giants said.