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Government should ensure tariff free access to single market, says CBI

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Staff Writer | October 27, 2016
Brexit CBI
Exit   To secure trade deals beyond the EU

The Confederation of British Industry laid out the principles Britain should ensure in its future relationship with EU, as it revealed its shopping list of measures for the Chancellor to heed in the upcoming Autumn Statement.

CBI has called for the government to protect the principles needed for business to flourish post-Brexit, by ensuring tariff and barrier free access to the EU single market adding that there needs to be a "proper strategy" to secure trade deals beyond the EU.

There is currently debate on what type of relationship the government should seek, a 'hard' Brexit - adopting World Trade Organisation rules regarding the single market and customs union while curbing the free movement of people, or a 'soft' Brexit - retaining some access to the single market, in return for a degree of free movement of people.

The City is particularly concerned about retaining passporting rights, which makes conducting business across the EU easier for financial institutions through a single licence.

According to the business lobby group, there should be regulation where the country benefits from having the equivalent regulation from the EU, and that the economic and social benefits the country had as a member of the trading block should be protected, such as EU funding.

CBI also said access to skills, talent and people was important for business as it was required for growth.


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