Last night, the Prime Minister fought off a vote of no confidence by her backbenchers. While she has defended her position for now, the ongoing political uncertainty risks putting the UK on a path to a disastrous no-deal scenario. 

It is clear that while some businesses are already making contingency plans, many are simply not ready for Brexit, let alone no deal. This is particularly true of smaller firms which lack the resources to scenario plan in this way. We recently surveyed 850 senior business leaders across the UK with YouGov and, it is hardly surprising we found just 2 out of 5 businesses feel well prepared for Brexit.

The priority for the Government now must be on plotting a course that avoids the UK crashing out of the EU with no deal, and finding a solution which can command a majority in Parliament. 

We’ve been clear all along that what’s best for economy and our future prosperity is a relationship with the EU that retains the benefits of the customs union, safeguards our service sector and keeps the UK open to the talent and skills we need.

We will monitor the situation as it develops over the coming days, and continue to update you. You can rest assured that London First will continue to make that case that ​‘No Deal’ would be bad for the economy, damaging jobs and prosperity.