U.K. businesses still planning for no-deal Brexit, but back May’s draft agreement [Toronto Globe and Mail (Ontario, Canada)]
Diageo plc (DEO)
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Source: Toronto Globe and Mail
U.K. business lined up to help Prime Minister Theresa May sell her draft Brexit agreement but continued to plan for Britain to crash out of the European Union without a deal as May fought for her political survival on Friday. “This agreement is only a draft,” Rolls-Royce Chief Executive Warren East told BBC radio. “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.” Europe’s largest aerospace group, Airbus, is working on the assumption of a no-deal Brexit, according to a staff memo seen by Reuters. “For the teams working on preparing for Brexit we must stay focused and keep working at full speed from a baseline of no deal,” it said. Story continues below advertisement Manufacturers like Rolls-Royce and Airbus fear that new customs duties and red tape that would kick in without a Brexit deal by March 29 would kill t
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