Today, top industry lobby from the European Union has informed Theresa May, the British Prime Minister, that “time is running out” for a Brexit deal. It added to an intensifying EU pressure on Downing Street.
The Prime Minister greeted representatives from the European Roundtable of Industrialists (ERT) to talk about the ongoing divorce negotiations. The ERT is a forum of approximately 50 chairpersons and chief executives of major multinational companies.
Top bosses from the European Union that were present at the said meeting included the outgoing chairman of BP and chairman of Volvo, Carl-Henric Svanberg; the CEO of BMW, Harald Kruger; the chairman of Nestle, Paul Bulcke; and Moya Greene, the outgoing CEO of Royal Mail.
A statement that was released from Downing Street said that Prime Minister May “spoke about the need to ensure our future economic partnership with the EU is ambitious and comprehensive, going beyond existing models”.
David Davis, the Brexit secretary, then gave an update regarding the progress of the talks.
However, the business lobby seemed unimpressed with how the divorce discussions were progressing.
in a statement, the group stated: “The uninterrupted flow of goods is essential to both the EU and UK economies.
“This must be frictionless as with a customs union. We need clarity and certainty because time is running out. Uncertainty causes less investment.”
ERT’s statement comes amid the increasing pressure from the European Union over the lack of progress in significant areas of the Brexit talks, most especially on the Irish border.
In the latest inconclusive negotiating round that was held last week, the European Union was evidently offended by the public threat of London to go back on a deal to finance settlement if the European Union did not provide it full access to the Galileo satellite navigation system post-Brexit.
That came in as the envoys of the two sides sat in a room in Brussels attempting to look for a solution to their disagreement regarding the European version of the GPS.