Industry planning jobs cull to offset Brexit

“The government’s problem is that, as it becomes clear that the most we can hope for is a free trade agreement with the EU, more and more businesses reliant on pan-European supply chains will be forced into considering the viability of their UK operations,” said Sam Lowe, from the Centre for European Reform.

“The transition agreement serves the dual purpose of both buying time for the EU and UK to finalise an agreement, and time for businesses to repatriate their supply chains to the EU-27, if necessary. And the costs of doing so will in some cases be front-loaded on to the consumer.”