BritishAmerican Business (BAB) Statement on the United Kingdom Leaving the European Union

BritishAmerican Business (BAB) Statement on the United Kingdom Leaving the European Union

31 January 2020

Today, the United Kingdom will formally leave the European Union and begin a transition period. It is a new era and a momentous time for the UK. It will require effort, creativity, optimism and persistence to make it a success.

We as BritishAmerican Business, the representative body for the transatlantic business community, have followed, navigated and informed the process since the referendum. We will continue to do so as the UK will look to forge a new relationship with the EU.

We take note of the fact that 11 months in which the UK has to agree this future relationship with its closest trading partner is a very short timeframe. A ‘no-deal’ scenario is still very much a possibility at the end of 2020; this combination of risk and uncertainty remains extremely worrying for the business community and visible steps must be taken to avoid it.

We will support the UK Government wherever needed in developing a frictionless trade relationship that maintains market access and preserves the integrity of supply chains between the UK and the EU.

We will also be a trusted and active partner to the US and the UK Governments as they seek to negotiate an ambitious, forward-looking free trade agreement that builds on the strengths of the existing relationship between both countries; and sets new global standards for trade and investment.