Business leaders support PM’S Brexit deal

Business leaders have spoken out in support of Theresa May’s draft Brexit agreement amid rising fears of the potential impact of a no-deal outcome on the UK economy.

The Institute of Directors (IOD) said a survey of 800 members found that three in four believed it was important that a withdrawal agreement was ratified before the UK exits the EU in March.

Two-thirds of respondents said a no-deal outcome would be bad for their business, with almost half saying this scenario would be “very negative” for their organisation. Just 13 per cent said a no-deal Brexit would be positive.

Members were split on whether a second referendum would be in their interests, with 46 per cent for and 44 per cent against.

IOD director-general Stephen Martin said: “The message from our members is clear, they urgently want to see the UK get a withdrawal deal across the line. Up and down the country, firms large and small are deeply concerned by the potential for a no-deal scenario, and business investment is already being choked off by the surrounding uncertainty.

“The deal we have might not satisfy everyone, but this is still the clearest route to securing a smooth exit.”

Meanwhile, the EEF manufacturers’ organisation also showed support, saying the draft agreement “delivered” on key outcomes for industry.

EEF chief executive Stephen Phipson said: “What is clearer than ever is that it is vital we avoid a no-deal scenario, the prospect of which would be a disaster for manufacturing.” 0 Stephen Martin: Firms ‘urgently’ need certainty