The British Irish Chamber of Commerce has warned of the dangers a ‘no deal’ Brexit will have for business and trade between the UK and Ireland.
Speaking after the European Commission published its Brexit continency notices with just 100 days until Britain leaves the EU, Director General of the British Irish Chamber, John McGrane said:
“We now have only 100 days left until the United Kingdom is due to leave the EU. This week we have seen a ramping-up of ‘no deal’ preparations from both the European Commission and the UK Government.
“With the Irish Government due to tell us tomorrow its plans for a ‘no deal’, it is important for businesses to speak out and warn of the dangers of a ‘no deal’ and implore that this does not become the objective for Brexit.
“The uncertainty that businesses are facing has meant that many have already started implementing costly Brexit plans to try and insulate themselves from the effects of a potential ‘no deal’. While this is a prudent move, it is at the cost of other business operations," he added.
Meanwhile, the Bank of England is expected to keep rates unchanged at 0.75% on Thursday and remain firmly in wait-and-see mode until Brexit uncertainty clears.
The last rates decision of 2018 comes as prospects of a Brexit deal are left hanging in the balance, with the economy showing signs of stagnating as businesses, consumers and home-buyers put big spending decisions on hold.