Business leaders would ‘back an extension’ to Article 50

With parliament in turmoil and the prospect the UK could potentially be facing an extension to Article 50, businesses would welcome a delay to Brexit.

The director-general, Dame Carolyn Fairbairn of the Confederation of British Industry (CBI) said on Thursday that British companies would welcome a delay to Brexit.

She said, “From the political turmoil a small chink of light for business, most firms back an extension over the known harm of no-deal.

“Yet, with an election looming, many remain deeply concerned about the ongoing impact of uncertainty on the economy.”

But Fairbairn warned, until a deal was agreed with Brussels, British companies will continue to divert “billions of pounds from productive investment to no-deal preparations.”

She added, “Whatever happens next, any delay must have purpose and be used to rediscover a spirit of compromise in Westminster to stop a political crisis from becoming an economic one.”