Brexit: how business leaders, economists and strategists reacted to the progress in negotiations


Business leaders across the UK seemed to breathe a sigh of relief on Friday when news emerged that British and European negotiators had made sufficient progress in the Brexit talks to move on to the next phase of negotiations.

Here is a look at some of the major lobbyists, strategists and economists of the country had to say.

Josh Hardie, deputy director general of the Confederation of British Industry

"The breakthrough in Brussels shows that where there is a will, there is a way.

" Companies have been looking at Close negotiations and today's announcement will raise spirits in the run up to Christmas. Sufficient progress is a gift that months have been waiting for.

"Now is the time to focus on the true reward of a new relationship and a deal that begins in 40 years of economic integration, with the same willpower shown today and the jobs and standards of life in the heart. of each negotiation objective, these conversations can shape the United Kingdom for the next 40 years of close alignment.

Adam Marshall, general director of the British Chambers of Commerce

"Companies will give a Sigh of relief that you have achieved a "sufficient progress". After the noise and the risky policy of recent days, the news of a breakthrough in negotiations will be warmly welcomed by companies across the United Kingdom.

"Companies will particularly rejoice in the mutual commitment of a transition period to support business confidence and commerce, and they will want details to be confirmed quickly in the new year when negotiators move on to the big questions about our future business relationship with the EU.

"For companies, a quick start to business negotiations is crucial for the next investment and growth decisions. Companies across the UK want absolute clarity about the long-term treatment sought and they want the government to work closely with business experts to ensure the details are right. "

Stephen Martin, director General of the Institute of Directors

"It was all until the end, but the companies will give a big sigh of relief that the United Kingdom and the European Commission have reached an agreement on the problems of phase 1, placing us in a good position when entering the Council. meeting next week. It does not mean that all the hard work has been done, far from it, but it means that we are now very close to discussing transitory agreements and our future commercial relationship with the EU.

"The most urgent concern of UK companies has been their EU staff, who urgently need certainty about their future in this country, we have reason to hope now that our members will be able to send their employees for the Christmas holiday feeling more comfortable About your state here.

"We ask the UK and the EU to take advantage of this positive momentum towards the new year. It is overwhelmingly of interest to both parties to start working on our future economic relationship, particularly to fully address the Irish issue. And we expect more clarity on what the UK's objectives are for that new relationship, as well as a firm commitment to the transition in the very near future. "

Karen Ward, chief market strategist for Europe and the United Kingdom United in JP Morgan Asset Management

"Completing the first phase of the Brexit negotiations is a very significant step: the next most urgent area to reach an agreement is the transition. Eliminating the uncertainty surrounding transition arrangements would be a great relief for companies on both sides of the continent, given that supply chains are highly integrated. It can also prevent financial companies in the United Kingdom from implementing contingency plans at this stage.

"The agreement on the final state relationship is very complex.In this debate, both sides will have to reveal what commitments they are willing to make.The United Kingdom will have to badess whether it is willing to give in to the control of its laws, its borders and its payments to the EU as a price worth paying for accessing the single market.

"An agreement will be reached on both sides. Taking into account the political results in 2017 on the continent and the fact that, with the recovery, support for the euro is increasing, the EU should feel more confident internally. He may be less inclined to make an example of the United Kingdom with a particularly punitive treatment and, on the other hand, wants to avoid the short-term supply chain dislocations that could result from a 'no deal' scenario. "

Miles Celic, executive director of TheCityUK

" This agreement in principle between the United Kingdom and the EU to go beyond phase 1 is a positive and encouraging step in the negotiations. We now look to the European Council meeting next week to see support for these recommendations.

"For the financial and related professional services industry, our critical issues must now be advanced, negotiating agreements in a transition with solid legal and regulatory fundamentals must be an absolute priority, the sand in the timer is running out: let it be too late and the damage will be done both in the UK and in the EU.European competitiveness will finally weaken as functionality will probably leave Europe for other international financial centers. "

Stephen Jones, UK executive director Finance

"Today's announcement is certainly a positive step, which makes progress in the negotiations and a welcome and significant clarity about the rights of EU citizens living and working in the UK. about the problems of Phase One is just the beginning, now we need to see the details and the additional measures on those to points that will determine the real impact of Brexit on the economy, consumers and employment. Companies need to see clear progress in the New Year in the future business relationship and how we will transition to any new arrangement to ensure we can continue to meet the needs of customers. "

Chris Cummings, CEO The Investment Association

"The announcement is a welcome step that allows companies to set aside plans for a disastrous non-negotiation scenario and companies can now focus their attention on planning a more positive outcome and taking care of their savers and Investors in the United Kingdom and the EU.

"This is particularly welcome news for the millions of EU citizens and their families who live in the United Kingdom and on whom many highly qualified industries like ours depend." The clearest sign has been given to them. date of which they will be allowed to remain in the United Kingdom.

"We now look forward to working with the government of the United Kingdom and our European partners to help shape the transition period and the resulting free trade. agreement that will govern our future relationship. The most important thing on our priority list is to make sure that there are regulatory cooperation agreements to protect financial stability and work towards a new regulatory architecture that will help the industry to prosper in the long term. "

Kallum Pickering, Berenberg economist

"Now that businesses and households are likely to expect a soft Brexit to be more likely, the global rebound may now start to spread to the UK more next year.

"Greater confidence of businesses and households from the bottom level the risk of a strong Brexit should underpin stronger gains in consumption and long-term investment"

David Owen, economist at Jefferies [19659020] "Adequately ambiguous in regards to the problem of the Irish border – this will be seen by some as increasing the likelihood that this will be a smooth Brexit, and without any figure on the final financial agreement, but at least the negotiations You can move on. "

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