UK Economics

‘Hardest of the hard Brexits’ City lobby group says firms are preparing for full EU exit

BRITISH businesses will be preparing for the “hardest of the hard Brexits” as EU divorce talks progress, a London lobby group boss has warned.

Gary Campkin, director of policy and strategy at TheCityUK, which promotes Britain’s financial services industry, said firms were preparing for the worst.The watchdog boss said businesses were looking for “continuity and stability” before calling for a transition period before the UK breaks from the bloc.

He told Sky News: “I think what business is looking for at this point is stability and continuity because what financial and related professional services firms do is service customers and clients and so continuity and stability is absolutely vital.”

When asked if he was supporting a transitional arrangement, he said: “Yes we are, that is a really important thing.

Gary Campkin and Michel BarnierSKY NEWS•GETTY             Gary Campkin said UK businesses were preparing for the worst

Gary Campkin

“We need to make sure there’s a bridging and an adaptation period, an implementation period that allows business continuity and again going back to customers and clients, that’s what the industry is focused on.”

Mr Campkin said it was part of the “natural business planning cycle” to prepare for the worst outcomes post-Brexit.

He said: “The regulator requires the firms that it regulates to provide details of the plans that it has for any risk or a factor in the future that will require significant changes to business planning.

“It’s right that business looks at risk surveys, the future and of course what business does is prepare for the worst but hope for the best – this is a natural business planning cycle.”

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