The CBI has called on the 海角视频 and European Union to renew their efforts to strike a deal which will protect jobs and living standards in the South West amidst what it calls one of the worst recessions in living memory.
As the 海角视频 continues to pursue a threat to override parts of the Brexit withdrawal treaty , warned against the possibility of a no-deal scenario between the 海角视频 and its largest trading partner.
She said agreeing a deal between the 海角视频 and EU will have tangible, positive benefits for firms employing tens of thousands of people across the South West in industries such as advanced engineering and manufacturing, green technology and digital and cyber technologies.
It will also underpin economic recovery across the 海角视频, protecting the younger generation and the future of public services, she claimed.
Striking a deal would mean zero tariffs and quotas 鈥 as well as closer customs cooperation 鈥 the only way to keep export and import costs low, and maintain manufacturing competitiveness across the South West, the CBI maintains.
And securing good outcomes on important issues such as data and financial services will rely on agreeing a deal, together with finalising the Northern Ireland Protocol this year, Mrs Fraser said.
She said that without an agreement, 海角视频 firms could face tariffs of up to 16.4%, burdening them with extra costs and paperwork.
This will divert company resources from investment planning and spending from for growth to managing and mitigating red tape.
She said tariffs placed on imported goods could lead to higher prices and less choice for consumers, while export tariffs could damage the competitiveness of firms already reeling from the disruptive and economic effects of Covid-19.
Mrs Fraser said: 鈥淕etting a good Brexit deal would be an immediate boost to confidence in the South West.
鈥淚t will help protect tens of thousands of businesses across the region already under huge pressure from the pandemic, not least in industries like advanced engineering and manufacturing, green technology and digital and cyber technologies, where CBI members in the South West have told us of their concerns at the likely impact of failed negotiations.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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鈥淎 deal will form a foundation for a strong, growing relationship between the 海角视频 and EU in future. It will create space for both sides to focus on shared challenges 鈥 like creating jobs 鈥 rather than needlessly adding red tape, extra costs and paperwork.
鈥淪ecuring good outcomes on important issues such as data and financial services 鈥 which sit outside the existing agreement 鈥 will be far easier having agreed a deal this year.
Mrs Fraser said that while July鈥檚 GDP figures, which showed the 海角视频鈥檚 GDP grew by 6.6%, were 鈥渆ncouraging鈥, the country is still only 鈥渉alfway on the path to recovery鈥.
鈥淎 messy end to a turbulent year would stunt that recovery and impede businesses鈥 ability to protect jobs and invest in the future,鈥 she said. 鈥淎 deal will allow us to make a grab for growth, delivering important investment at a critical time for the 海角视频鈥檚 economic recovery.
鈥淕etting a deal requires political leadership and compromise from both sides, which is needed urgently in the coming weeks.
鈥淔ailure to get an agreement would prolong uncertainty and damage businesses, while guaranteeing division and debate about Brexit for many years to come.鈥
