House of Fraser Boss: Businesses Need A “Signal” on Brexit

Photo via China Daily Europe

Yuan Yafei, the House of Fraser who is also the chairman of Sanpower Group, has said that businesses need a “signal” on the kind of Brexit that the United Kingdom is pursuing.

Four years ago, Yafei took control of House of Fraser. He told the BBC that leaving the European Union would “not be too bad” for the economy. However, he said that the government of the United Kingdom should be able to provide more clarity.

Yesterday, the EU27 agreed on its negotiating stance for the transition period, an adjustment phase following Brexit which was called for by the business community.

However, yesterday, David Davis, the Brexit secretary, signalled that even agreeing on to the terms of the said transitional period would not be simple.

He said that there would be several points of contention with negotiators from the European Union, particularly regarding whether the United Kingdom should be free to sign new trade deals following March 2019.

The European Union has also demanded that the United Kingdom abide by its laws after March 2019, and keep its budgetary commitments. However, the European Union has said that the United Kingdom will not be allowed to participate in the processes of decision-making.