Moderate business optimism before Brexit

Moderate business optimism before Brexit

The Chamber of Commerce in Great Britain presents in the Joint Commission for the EU of the Congress and the Senate a survey on the Brexit made among its members.

The Spanish Chamber of Commerce in Great Britain participated last May 17, invited by the Spanish Parliament, in the Joint Commission for the European Union where the consequences of Brexit were discussed.

This Commission, regulated by Law 8/1994 of May 19, consists of representatives of the political groups of the Congress and the Senate. At the meeting, deputies, senators and various invited experts addressed issues such as the Brexit precedents, possible models of trade agreements with the United Kingdom in a post-Brexit Europe and the financial passport.

However, out of all the issues discussed, the debate on the rights of EU citizens in Britain after the Brexit (and, conversely, that of British citizens in EU countries) and the technical aspects of The Great Repeal Bill, promulgated by the British Parliament, and the well-known judgment of the Supreme Court of the United Kingdom on Article 50 of the TEU.

The Chamber of Commerce also had the opportunity to present the results of a survey (which can be consulted in full PDF here) carried out among its members on the aspects of Brexit that are of greatest concern to them. These results show moderate optimism about the effects of the UK’s exit from the EU.

Not so the economic aspect because 43% of respondents consider that there will be a moderate decline of the British economy in 2017 by a 28% that is committed to moderate growth and 15% that does not appreciate changes.

The Brexit, therefore, worries 38% of the respondents, who remain expectant waiting for the negotiations with Brussels to develop. 34% of House members will remain in the UK despite Brexit and 23% are quiet after the British decision to leave the EU. Only a minority of 2% consider leaving Britain.

On the social side, the instability generated by the Brexit (31%), as well as possible changes in regulations and passports (25%), immigrant and worker rights (24%) and tariffs twenty%).

One of the key issues is related to the relationship between Spain and the United Kingdom, specifically, negotiating an agreement between the Spanish government and the British “that does not pose additional barriers to trade.”A majority of 88% support this idea, 7% remains neutral and only 2% disagree.

Finally, the Chamber of Commerce itself committed itself to periodically producing reports and surveys among its members following the progress of the Brexit negotiations.

It seems clear that the relations between Spain and the United Kingdom will continue after Brexit, in addition, there is a predisposition that these will be cordial and productive. In any case, the strength of these relations depends on the goodwill of Spanish and British diplomacy at the negotiating table.

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