CBI warns Brexit uncertainty is draining investment

CBI director-general Carolyn Fairbairn says that without an agreement, 'firms will press the button on contingency plans'. Picture: Anthony Devlin/PA
CBI director-general Carolyn Fairbairn says that without an agreement, 'firms will press the button on contingency plans'. Picture: Anthony Devlin/PA
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Uncertainty surrounding Brexit is “draining investment” from the UK, according to a study released today by the Confederation of British Industry (CBI).

It found that eight out of ten companies feel that Brexit has had a negative impact on investment decisions, while 39 per cent are set to trigger contingency plans if no clarity has been given by November.

These plans include cutting jobs, adjusting supply chains outside the UK, stockpiling goods and moving services or production overseas.

Carolyn Fairbairn, CBI director-general, said: “The situation is now urgent. Unless a withdrawal agreement is locked down by December, firms will press the button on their contingency plans.

“Jobs will be lost and supply chains moved. Living standards would be affected and less money would be available for vital public services. Uncertainty is draining investment from the UK.”