City Corporation responds to PM’s statement over ‘no-deal Brexit’

Prime Minister Boris Johnson said on Friday that the UK should get ready for a no-del Brexit with the European Union.

Johnson said that “unless there’s a fundamental change of approach, we should go for the Australia solution.”

Johnson claims that Brussels have “abandoned” the ambition of a trade deal, but insisted “we always knew there would be change,” once the transition period ends on 31 December, “whatever type of relationship we had.”

Catherine McGuinness, Policy Chair at the City of London Corporation said, “It is deeply disappointing that negotiations appear to be heading nowhere. Businesses and households on both sides of the Channel, who rely on trading with one another, stand to be the main losers from this political game of chicken.

“The UK and EU need to work together on common challenges, such as the economic recovery we all need following COVID-19.  An acrimonious separation would only increase uncertainty for businesses for months to come, at a time when they most need support.

“The City has been clear throughout that a no-deal scenario would be inappropriate given the complexity of our relationship.

“While businesses have been preparing for such an eventuality for some time and I am fully confident in the City’s fundamental strengths for the years to come, I urge both sides to consider the economic implications of their actions and strike a deal even at this eleventh hour.”