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-With 50 days left for Brexit, the British government has nothing substantial to produce in front of the business people.
-No-deal Brexit risk is at the top.
-Today, British Prime Minister Theresa May is set to visit Brussels in search of Brexit deal update.
The business people at Wednesdayâs meeting scheduled with the UKâs Department of International Trade (DIT) included big car manufacturers, Institute of Directors, EEF engineers and Society of Motor Manufacturers and Traders.
The DIT conveyed that the UK could fail to secure trade deals with most non-EU countries by the scheduled EU divorce date of March 29, 2019.
The British government told tradesmen that government could not guarantee that the UKâs economy would be covered under most of European Unionâs global criss-cross of trade agreement straight away post Brexit â even though House of Commons mandates Theresa Mayâs divorce deal with EU.
Thirty tradesmen gathered for the meeting held by DIT on Wednesday, were conveyed that trade deals with Switzerland, Israel and some African countries would be closed before Brexit, but other trade deals which EU's members have with economies around the globe could not be replicated or secured before Brexit.
However, trade deals with big trading partners like South Korea and Canada are still in dubiousness.
The consequences of failing to secure free-trade deals with trade partners like Japan and Turkey would considerably impact businesses in the UK. Car makers like Ford expressed that failure to negotiate a trade deal with Turkey will dent its supply chain as Turkey is an important staging point in its supply chain. They showed that the British government is not much serious about the disastrous consequences if the present trading deal with Turkey vanished post-Brexit.
The UK requires to duplicate EUâs forty preferential trade arrangements covering seventy-one countries, whether or not the UK agrees on a divorce deal with Brussels.
Dignities in the meeting were told not to disclose confidential content of the meet with their members in detail. One of the businessmen said it is utterly discouraging that business people were conveyed in confidence by the government and are unable to brief their members for contingency planning or discussion.
"The British government should know exactly what risks are at the top," one person said. They need to prepare a checklist on which FTAs will expire immediately post Brexit, else there will be a catastrophe and businesses just can't deal with it.
Meanwhile, European Council President, Donald Tusk tweeted on twitter, and we quote, "special place in hell" for "those who promoted Brexit without even a sketch of a plan of how to carry it out safely.â After that European officials rush to clarify Tuskâs statement, and Juncker laughed at Tuskâs comment and said the only hell he is aware of was doing his work as the European Commissionâs President.
Meanwhile, the British Prime Minister, who earlier supported Britain staying in EU during 2016 referendum but has always persisted that Brexit must take place by the scheduled time because that what electorate voted for, is set to arrive in Brussels to look for a withdrawal deal with EU. She felt that these changes could help her to get the deal through the parliament.
It seems that the Pandoraâs box is being opened gradually and many surprises are being revealed that tend to cause more jitters to the overall UK scenario.
