BUSINESS leaders in Coventry and Warwickshire are writing to MPs in the area warning that a ‘no deal’ Brexit could lead to cuts in investment and recruitment in the region.
The Coventry and Warwickshire Chamber of Commerce has added its voice to growing concerns over the uncertainty facing companies.
The letter, signed by chamber chief executive Louise Bennett, reads: “Despite the recent efforts of Government to prepare for a no-deal Brexit, I am aware that many firms are already pausing investment, stockpiling goods and enacting contingency plans in the absence of clarity from Westminster.
“A huge amount of time and resource being utilised by business which could, otherwise, be spent on investing in and growing our businesses.
She added her concern that hundreds of thousands of businesses will not have been able to start planning for Brexit.
“Business need clarity, precision and reassurance to bring about the confidence needed in our UK economy,” she said.
“Businesses need to know who and how they will be able to hire staff in future; how we will pay VAT; whether goods will be stopped at borders; and whether the contracts we enter into will be enforceable.
“With such confusion and political in-fighting, by some, even basic business planning for next year has become difficult, if not impossible, for many firms and their investors.”
The letter adds that research from the British Chambers of Commerce shows many businesses would cut investment and recruitment, or move some of their operations elsewhere, under a ‘no deal’ scenario.