UK Prime Minister Sets Up Brexit ‘Business Councils’ For Strategy Setting

Five new business councils have been formed by the British Prime Minster Theresa May to advise the government on the best ways to create the most suitable business environment in the country after implementation of Brexit.

There are some bog industry honchos in the councils and includes names such as CBI head Carolyn Fairbairn, ITV chief Carolyn McCall, entrepreneur James Timpson, and Tesco boss Dave Lewis.

According to the conditions of formation, every year, each of the individual councils would hold three meetings every year – two with May and one with a senior cabinet minister.

Policy recommendations on big business issues would be provided by the councils.

Two business leaders would co-chair each group and have about “10 members representing core sectors of the UK economy, as well as a representative from the UK’s key business groups”.

She had asked these new councils to “advise us on the opportunities and challenges facing business as we shape the UK for the future”, Mrs May said.

Executives from BT, BAE, Rolls-Royce, Prudential, Santander, Tesco, Timpson, ITV and GSK will attend, as well as representatives from the CBI, Institute of Directors, EEF, British Chambers of Commerce and the Federation of Small Business.

“We are a vital part of the wealth creating machinery of the country where improved training, productivity and exporting will be the cornerstones of our global success. Engaging with the prime minister to tackle these issues in a focused and practical manner is a welcome and important step forward in achieving our collective growth ambitions,” said Sir Roger Carr, chairman of BAE Systems, He is also the co-chair of the council in charge of industrial, manufacturing and infrastructure sectors.

Ensuring advancement on major opportunities for their business sectors, setting up the agenda of the councils and briefing of all members would be the tasks of the co-chairs. Downing Street said.

It the announcement of the setting up of the councils was made a few days after a letter, signed by more than 70 business figures, was sent to the Sunday Times in which the signatories gave a call for a a public vote to be held on the Brexit deal.

A “destructive hard Brexit” would damage the UK economy, said the chief executive of Waterstones and former Sainsbury’s boss Justin King.

Business for a People’s Vote was launched on Thursday.

The prime minister May has made it clear that no fresh referendum on Brexit would be held, a Downing Street source told the media.

The strategy of Theresa May of including as many business leaders as she can in the Brexit process is however being criticised by a section of analysts because these very leaders were left out of the Brexit strategy and policy making process for over two years.

(Adapted from BBC.com)

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Categories: Economy & Finance, Geopolitics, Strategy, Sustainability, Uncategorized

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