Rolls-Royce and others still preparing for hard Brexit
Captains of industry urge politicians not to torpedo an agreement that would allow trade with the EU to keep flowing
British aero-engine maker Rolls-Royce said it is continuing with contingency plans as uncertainty grows over whether Prime Minister Theresa May’s Brexit plan will receive parliamentary backing. “This agreement is only a draft,” CEO Warren East told BBC radio on Friday, joining a line of industry captains urging politicians to be pragmatic and not torpedo an agreement that would allow UK-EU trade to keep flowing. “We are going to continue with our contingency plans and that includes buffer stocks so that we have all the logistical capacity that we need to carry on running our business.” Manufacturers like Rolls-Royce fear new customs duties and red tape could threaten the just-in-time delivery of thousands of parts on which they depend if Britain crashes out of the EU on March 29 2019. May’s office has released statements from a number of major companies such as Diageo, the London Stock Exchange and Royal Mail in support of her deal. The British pound clawed back losses as May clung ...
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