Don’t abandon service sector in Brexit deal, 42 bosses warn Theresa May

40 bosses from Britain’s world-leading professional services sector have fired off a warning to Theresa May to not bungle the Brexit deal
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More than 40 bosses from Britain’s world-leading professional services sector have fired off a warning to Theresa May not to damage the economy with a bungled Brexit deal.

Just days before a showdown Cabinet meeting on Brexit at Chequers, finance, legal, accountancy, advertising and architectural chiefs appealed to the Prime Minister not to put them at a “competitive disadvantage” with an EU trade deal too focused on goods.

“Don’t short-change the services sector, you will leave the UK out of pocket,” warned Catherine McGuinness of the City of London Corporation.

The 42 leaders signed a letter to Mrs May, urging a deal that includes:

  • Mutual recognition of professional qualifications, products and licences;

  • Mutual recognition of regulatory systems;

  • The ability to recruit the “best talent” from the EU and other countries;

  • Mutual recognition of legal judgments to give deals certainty;

  • Continued co-operation in areas facilitating trade, such as data sharing;

  • Executives being able to easily fly in and out of the EU.

Signatories include Nick Owen of Deloitte, Oliver Benzecry of Accenture, PwC’s Kevin Ellis, EY’s Steve Varley, James Kidwell of Braemar Shipping Services, Matthew Layton of Clifford Chance, James Palmer of Herbert Smith Freehills, Wim Dejonghe of Allen & Overy, and TheCityUK’s Miles Celic.

Andrew Walker QC, Bar Council chairman, also signed, as did Stephen Woodford of the Advertising Association, Derek Cribb of the Institute of Actuaries, and Alan Vallance of the Royal Institute of British Architects.

The professional services sector employs 4.6 million and contributes £188 billion to the economy, with £66 billion in exports annually.

The letter stated: “The EU has the balance of trade in goods in its favour and it is understandable that they will seek to prioritise it in the negotiations. However, the UK needs the right deal on professional services given our relative strengths and competitive position.”

The British Chambers of Commerce is also warning that firms are running out of patience over the lack of progress in the Brexit talks over tax, tariffs, customs and regulation, with the March 29 2019 Brexit date looming.​

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