The UK Chancellor Sajid Javid has quashed any prospect of the Treasury lending its support to big manufacturing sectors which favour alignment with EU regulations post-Brexit.
In an interview with the Financial Times, he said: “There will not be alignment, we will not be a ruletaker, we will not be in the single market and we will not be in the customs union — and we will do this by the end of the year.”
Responding to his comments, British Chambers of Commerce Co-Executive Director, Claire Walker, said: “Our business communities have differing views but are prepared to be pragmatic about coming changes to regulation. Uncertainty around the extent of divergence risks firms moving their production elsewhere.
“The Government must clearly communicate these changes in a timely way and provide substantial support to help firms adapt. Otherwise they will struggle to make the most of new opportunities as Britain sets its own trading polices.”