The Government’s hotly-anticipated Brexit white paper, which was published yesterday, has sparked mixed reactions from business leaders.
Some have described it as a “massive step forward” for the UK and largely celebrated the plans, while others have warned that there are still worrying gaps in Prime Minister Theresa May’s proposals and that the plans could deal “a real blow” to many successful British sectors, such as the financial services industry.
The long-awaited white paper, which can be accessed in full here, sets out the Government’s proposals for a “principled and practical Brexit” across 98 pages.
It fleshes out the Chequers agreement discussed in recent days and, among other things, confirms that Britain would sign up to a ‘common rulebook’ of regulations with Brussels, which would enable goods to pass freely across UK and European borders.
Carolyn Fairbairn, Director General at the Confederation of British Industry (CBI), said that the Government’s intentions were largely “reassuring” and represented a “massive step forward” in negotiations.
However, she added that much more detail was needed on issues such as “EU VAT, some services sectors and the new customs system.”
“It’s vitally important UK negotiators get their heads down and work with businesses to grapple with the detail and get it right,” she said.
Meanwhile, the Federation of Small Businesses (FSB) warned that much more clarity was needed in order to determine how the proposals might impact small and medium-sized enterprises (SMEs).
Mike Cherry, the FSB’s Chairman, warned that there were just 37 weeks to go before Britain’s departure, and that “tangible and compressive details” were needed imminently.
The City of London also voiced concerns, with Chair of its Policy and Resources Committee, Catherine McGuinness, describing the white paper as “a real blow for the UK’s financial and related professional services sector.”