CBI warns against no-deal Brexit for the sake of SMEs

The Confederation of British Industry (CBI) has warned Conservative leadership hopefuls about the risks of leaving the EU without a deal.

In an open letter to the MPs running to lead, the organisation commented: “Firms large and small are clear that leaving the EU with a deal is the best way forward.”

CBI director general Carolyn Fairbairn invited the 12 leadership candidates to meet members from some of its 190,000 businesses.

The letter follows news that leadership hopefuls Boris Johnson and Dominic Raab would enforce the current deadline of October 31, regardless of the outcome of any renegotiations with Brussels.

CBI explained: “Short-term disruption and long-term damage to British competitiveness will be severe if we leave without one.

“The vast majority of firms can never be prepared for no-deal, particularly our [SME] members who cannot afford complex and costly contingency plans.”

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