The group chairman and chief executive of political lobby organisation and business networking club, Downtown in Business, is urging the government to go faster with its efforts to reset trading relationships with the European Union.
Frank McKenna says business owners are frustrated about the impact Brexit has had, particularly on the SME market, and now want an urgent resetting of the trading relationship with the EU, which would support the government’s economic growth ambitions.
Mr McKenna said:
“I listened with interest to the chancellor’s speech this week, where she outlined a number of initiatives to grow the UK economy. There was much to applaud, but not enough emphasis, for me, on the one thing that would enable us to significantly and quickly give our economy a rocket-fuel boost.
“Many people who voted to leave the EU, did so on the understanding that trade between the UK and Europe would not be disrupted. That has clearly not been the case. Indeed, such has been the huge increase in red tape and bureaucracy in terms of exporting to the EU, many small and medium enterprises – who are the key economic drivers in this country – have simply given up on the European market.
“In economic terms, withdrawal from the EU has been devastating for our country. This month marks five years since we officially exited, and the economic impact figures are eye watering.
“The top line costs alone reveal the bad deal we ended up with. The so-called ‘divorce’ settlement of Boris Johnson’s ‘oven ready deal’ was north of £30 billion. The loss in goods exports stands at £27 billion. UK food exports have shrunk by £2.8 billion.
“In addition to this, our economy, across sectors from farming to construction, hospitality to care, has been hit, as employers have found it increasingly difficult to fill vacancies.”
Mr McKenna, who is also a director of pro-EU political pressure group Best for Britain, added that the slow speed with which the government appears to be approaching its policy of resetting relationships with the EU is frustrating business leaders.
“I sense that Labour is still nervous of the charge of’ betrayal’ should they do the pragmatic thing of getting a more progressive deal with the EU. However, nothing betrays the country more than continuing this scandalous self-harm that we can now evidence.
“Nobody is suggesting that we rejoin the EU. But we must accelerate new deals, new collaborations, and new opportunities with our nearest and largest trading partner. Otherwise, the chancellor’s growth agenda will be hugely difficult to achieve.”
