UK businesses 'exasperated' by Brexit uncertainty

UK businesses have urged MPs to provide clarity over their future trading arrangements following Parliament’s rejection of PM Theresa May’s EU withdrawal plan on Tuesday.

In a statement released by British Retail Consortium (BRC), chief executive Helen Dickinson warned that the public would be hit hard by a no-deal Brexit through tariffs, non-tariff barriers and currency depreciation.

“Even as the Brexit clock approaches midnight, MPs continue to squabble. Yet it is the public who will feel the impact of a no deal Brexit,” Dickinson said.

“Businesses are exasperated by the lack of clarity over their future trading arrangements. Hundreds of ships are currently sailing towards Britain without a clear understanding of the tariffs, checks, or documentation requirements, they will face when they arrive.

"Politicians must swallow their pride and find and agreement that can command the support of the House.”

Tuesday wasn’t the first time the PM’s EU withdrawal deal was rejected in Parliament. In January, May suffered an historic loss on her deal which was voted down by a margin of 230.

A recent study by the international consultancy firm Frontier Economics found that the British luxury sector could lose as much as 6.8 billion pounds a year in the case of a no-deal Brexit.

Theresa May said that plans for the Irish border in case of a no-deal would be released on Wednesday.