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Hammond plays down Brexit delay increasing chance of second vote | Politics – Business Article

Philip Hammond has played down the possibility that the UK could use the delay to Brexit to hold a second referendum and stressed that he still expects Britain to leave the European Union. Speaking in Washington, the chancellor said time would be too tight to hold a confirmatory vote before the new deadline of the end of October unless it was triggered over the coming weeks. Hammond said the damage caused by continued uncertainty – including problems attracting suitable candidates…

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We must rule out a hard exit. Business is at breaking point | Politics – Business Article

The clock is ticking. In the House of Commons, MPs spend hours debating points of parliamentary procedure, but are unwilling to take real decisions about our country’s future. Negotiations between the prime minister and EU leaders seem to have reached an impasse. But in the real world, businesses are at breaking point. I know from my own business career that – above all – what business needs is certainty. Certainty about the terms on which they will be able to…

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No-deal Brexit: UK firms ‘praying’ for article 50 extension, says KPMG | Business – Business Article

British firms are “praying for an extension to article 50” rather than face a no-deal Brexit as it emerged that foreign investment has fallen steeply and the outlook for growth has slumped to a six-year low. The Confederation of British Industry said that firms’ reported growth prospects were at their weakest for almost six years, while other research shows the number of acquisitions of UK companies by foreign buyers is falling 11% year on year. The warnings emerged after the…

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UK cannot simply trade on WTO terms after no-deal Brexit, say experts | Politics – Business Article

The UK will be unable to have frictionless, tariff-free trade under World Trade Organization rules for up to seven years in the event of a no-deal Brexit, according to two leading European Union law specialists. The ensuing chaos could double food prices and plunge Britain into a recession that could last up to 30 years, claim the lawyers who acted for Gina Miller in the historic case that forced the government to seek parliament’s approval to leave the EU. It…

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UK firms plan mass exodus if May allows no-deal Brexit | Politics – Business Article

Thousands of British companies have already triggered emergency plans to cope with a no-deal Brexit, with many gearing up to move operations abroad if the UK crashes out of the EU, according to the British Chambers of Commerce. Before a crucial week in parliament, in which MPs will try to wrest control from Theresa May’s government in order to delay Brexit and avoid a no-deal outcome, the BCC said it believed companies that had already gone ahead with their plans…

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Philip Hammond urges business leaders to accept Brexit result | Business – Business Article

Philip Hammond has told business leaders they need to accept the result of Britain’s EU referendum and warned that a failure to implement it would damage the country’s political stability. The chancellor told increasingly restless business leaders that he was working for a deal that safeguarded the economy, and said he understood their frustration but companies had to accept that changes were coming – such as an end to the free movement of people and business models built on a…

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