May uses conference call to reassure 130 top UK CEOs on progress of Brexit

THERESA May sought to reassure UK business that a Brexit deal was just around the corner on a conference call with more than 130 chief executives and officials from some of the world’s largest companies.

The UK prime minister convened the Friday call to update business chiefs on the progress of her Brexit talks but, ultimately, she had nothing new to say, according to sources.

Participants included senior executives from companies such as: Rolls-Royce Holdings, Airbus, Barclays, Pearson, BT Group and Prudential, as well as the UK’s main business lobby groups.

The call took place as an important new development in the Brexit saga unravelled with Bloomberg News reporting of a potential, and significant, concession that could see the UK bound indefinitely to the European Union’s customs rules.

Pre-submitted questions were taken from about 10 participants across different sectors, including Royal Bank of Scotland Group CEO Ross McEwan, one of the people said.

The questions focused on May’s ability to get a deal with Brussels and securing frictionless trade, according to two people on the call.

There was also discussion about the Northern Ireland border, which May said remained the most difficult issue, according to three people. On the topic of immigration, the premier’s answer to a question was less than satisfactory, one person said.

May told business chiefs that “a few significant issues” are still outstanding, her office said in a statement. Even so, she said she had a “very real sense” that EU leaders want to reach a deal this fall.

“Those on both sides of this negotiation need to realise that high levels of political noise are having direct impacts on business sentiment and investment,” said British Chambers of Commerce director-general Adam Marshall. “Businesses on both sides need time to prepare for the future and the assurance that they will face one set of changes, rather than costly and piecemeal adjustments, to the way they trade across borders.”

Anger at the lack of progress on Brexit negotiations has ratcheted up among businesses in recent weeks, leading to a number of threats over future UK investment, as companies bemoan the prolonged uncertainty.

At the Paris Motor Show earlier this month, carmakers including BMW and Toyota issued stark warnings to May about the possible consequences for their UK arms if a satisfactory deal with the European Union wasn’t reached.