1. Business
October 9, 2017

Business leaders are meeting with May and Davis to discuss Brexit plans

Business leaders from the likes of HSBC and Nestle will meet UK prime minister Theresa May and members of the cabinet today to discuss their views on a successful Brexit.

The quarterly business advisory council meeting is a chance for business leaders to voice their concerns and aspirations about the Brexit process. Chancellor Philip Hammond and the secretary of state for Exiting the EU, David Davis, will also be present at the talks.

The businesses invited are a mixture of national and international players.

This includes Balfour Beatty and JCB to Vodafone, EY and Morgan Stanley.

Concerns have been raised over how the transition arrangement after the UK leaves the EU in 2019 will work. Businesses have complained that they are in the dark regarding the future plans.

In a survey of 1,000 businesses by lobby group London First and Lloyds Banking Group, more than two-thirds said they need to know the details of any transition arrangement by June 2018, in order to be able to plan properly.

It’s likely these conditions could be discussed today.

According to Number 10, May will use the meeting as a chance to set out the UK government’s vision for a successful Brexit. As well, she is expected to give more details on the UK’s new partnership with the EU. The new arrangement will be “based on a joint commitment to free trade and high standards.”

However, Brexit plans won’t be the only topic on the agenda at today’s meeting. The council will also discuss wider issues of importance to the UK economy. Last week, the latest report on the economy demonstrated that it was “subdued” in the third quarter of this year and things might not pick up before the end of the year.

Ahead of today’s meeting, May said:

Last month in Florence I set out my vision for a bold and unique new economic partnership with the EU. We are working hard to achieve this and are optimistic about our future as a global, free-trading nation. The Business Advisory Council is an important part of our preparations for leaving the EU – allowing us to seek the views of experienced business leaders and to share with them the government’s vision for a successful Brexit.

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