Jessica Fino 31 May 2018 02:20pm

Brexit causing “less investment” businesses warn PM

Leaders of some of Europe’s biggest businesses have warned prime minister Theresa May that the lack of certainty around Brexit is causing “less investment”

May met the 13 members of the European Round Table of Industrialists (ERT), which includes leaders of BP, Vodafone and Royal Mail, to hear their views regarding Brexit. David Davis, EU exit secretary, also provided an update on progress in the negotiations.

After the meeting, the ERT said in a statement, "We appreciate the prime minister's openness to ERT views and were able to express our own views and concerns.

"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."

Number 10 also released a statement following the meeting saying, “The PM recognised the necessity of providing certainty for businesses, pointing to the agreement of an implementation period at the European Council in March to provide time to allow businesses to prepare for the new arrangements.”

It added that there was consensus that reaching a robust agreement on data-sharing was vital to the UK’s future economic and security relationship with the EU.

Attendees included Carl-Henric Svanberg, chairman of BP, Paul Bulcke, chairman of Nestlé, Harald Krüger, chairman of the board of management at BMW, and Johannes Teyssen, chairman and CEO of E.On.