Business Leaders Urge MPs To Compromise On Brexit

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UK Business leaders have urged the members of parliament (MPs) to put their differences aside and compromise on Brexit in order to protect the British economy.

Today, the leading trade body for company directors and senior executives of the United Kingdom, the Institute of Directors (IoD), called on the MPs to listen to the warnings that come from businesses regarding the consequences of continued indecision over Brexit.

In a statement, interim director general of the IoD, Edwin Morgan, stated: “Politicians who claim to prioritise the UK’s future economic success must take account of the views of business leaders, who understand better than anyone the impact of the changes that are coming to our relationship with our largest trading partner.”

Morgan said that there was “deep frustration and anger among companies” over the handling of the government of Brexit so far.

He stated: “Businesses were told that by now a Brexit transition period would have been secured and we would have moved on to discussing our future relationship with the EU.”

He added: “Conflicting views among MPs are understandable, and business does not have a unanimous view either, but now is the moment to accept that every course of action creates both risks and opportunities. When our political leaders convene in Westminster today, they must be prepared to compromise.”

The remarks of Morgan came before a series of indicative votes in parliament on various Brexit options, as the politicians look to attempt and unite around some kind of deal.

In a note to clients this week, a developed markets economist at ING (ING), James Smith, stated: “The big question is whether any single option can command a majority among lawmakers.”

A macro strategist at Deutsche Bank (DBK.DE), Oliver Harvey, said that the precedent did not bode well.

Also in a note to clients this week, Harvey wrote: “In 2003, MPs voted against the House of Lords being completely unelected.”  .

He added: “To decide on the level of reform, indicative votes were held and MPs were asked to vote on a series of alternatives. MPs failed to reach consensus, however, with no clear majority for any of these options.”