U.K. Companies Urge May to Seek Three-Year Brexit Transition
- Letter organized by CBI warns of risk to ‘prosperity’
- Centrica, Harrods, Zurich Insurance, AON signed letter
Theresa May, U.K. prime minister, arrives for a European Union (EU) leaders summit at the Europa building in Brussels, Belgium, on Thursday, June 22, 2017. EU leaders are expected to reaffirm their commitment to 'robust' free trade and the Paris Agreement on climate change when the two-day meeting concludes on Friday.
Photographer: Jasper Juinen/BloombergBritish business leaders urged Prime Minister Theresa May to seek a three-year transitional period after Brexit, warning failure to secure more time would jeopardize “our collective prosperity.”
In a letter organized by the Confederation of British Industry, executives from 120 businesses with more than one million employees again warned of a so-called cliff edge in which Britain leaves the European Union in March 2019 without a new trade deal or enough time for companies to adjust. Signatories included representatives of Centrica Plc, Zurich Insurance Group Ltd., Johnson & Johnson and Harrods.