PM told companies are running out of patience

Lack of progress in talks leads to warning from business body

Firms are running out of patience over the lack of progress in the Brexit talks, a major business organisation has warned Theresa May.

The British Chambers of Commerce (BCC) said companies still face uncertainty over tax, tariffs, customs and regulation, with time running out ahead of the Brexit date of March 29 2019.

Cabinet ministers were urged to “stop squabbling” and put the nation’s economic interests first in reaching agreement at the crunch Chequers meeting on Friday as business patience reaches “breaking point”.

The BCC’s intervention comes after warnings from firms including Airbus and BMW about Brexit were dismissed by cabinet ministers including Jeremy HuntandLiamFox, whileBorisJohnson was reportedly rudely dismissive when asked about industry concerns.

The group listed 24 main concerns, and gave a red rating to all but two — which received an amber grade on the traffic-light scale.

BCC director-general Adam Marshall said: “With less than nine months to go until Brexit day, we are little closer to the answers businesses need than we were the day after the referendum.

“It’s time for politicians to stop the squabbling and Westminster pointscoring — and start putting the national economic interest first.”

The BCC said the uncertainty was causing a “significant slowdown” in business investment, with many firms making contingency plans or considering alternatives to sinking cash into the UK.

The Treasury and Bank of England have been asked to draw up analyses of the impact of any Brexit deal struck by Prime Minister Theresa May.

The Commons Treasury Select Committee has also requested work from the Financial Conduct Authority on the potential impact of the withdrawal agreement and future framework.

Committee chairwoman Nicky Morgan said MPs should be “properly informed” before the promised parliamentary vote on the deal.

The calls came as Tory infighting over Europe intensified with Brexiteer Jacob Rees-Mogg telling Mrs May she must deliver a Brexit that keeps the UK out of the single market and customs union or risk the collapse of her government.

Meanwhile, Barack Obama was asked by David Cameron to issue his famous warning that the UK would be at “the back of the queue” for a trade deal with the US if it left the EU, former adviser Ben Rhodes has said.

Downing Street insisted at the time that the then-US president was using his own words when he made the comment during a press conference with Mr Cameron in the run-up to the EU referendum in 2016.

With less than nine months to go until Brexit day, we are little closer to the answers businesses need than we were the day after the referendum.

Picture: PA.