New Deadline For UK To leave the EU

Cross-party talks are to continue after Prime Minister Theresa May secured a second extension to the UK’s withdrawal from the EU.  

Business leaders have expressed relief, but say they are still frustrated by the lack of progress. Mrs May says she recognises their concerns. 

The UK successfully negotiated the extension just two days away from what could have been a no deal. 

Sussex businesses are being urged to consider cash, contracts, compliance and communication to ensure they are prepared for any eventuality. Cancelling Article 50 is still on the table, according to some commentators. 

Labour wants the embattled PM to re-consider her ‘red lines’. Its focus is on some form of customs union and workers’ rights. 

The new, flexible deadline for the UK leaving the European Union is now October 31. Speaking in Brussels after a lengthy wait for EU leaders’ decision, Mrs May expressed her regret that the UK had still to leave the Union. She said she hoped to take the UK out of the EU as soon as possible and not to take negotiations right up to the new deadline. 

With France dragging its feet over a long extension, after-dinner talks extended late into the night. However, foreign commentators credited Theresa May with putting on a more confident performance than her approach to the first extension in March. 

The European press had portrayed her as a desperate leader, going to the EU with a begging bowl. 

Market reaction to the new deadline was calm, compared to earlier fluctuations. 

However, John Allan, the president of the CBI, says the government should go back to the people and hold a referendum if politicians can’t get their act together. 

Speaking to the BBC, Mr Allan said: “My personal view is if the politicians can’t get their act together and get to an agreement the only other option is to go back to the people and have a second referendum to see whether people still feel the same way now that they did almost three years ago and resolve it that way.” 

Businesses have stockpiled goods, investing in their inventories rather than recruitment and growth. Uncertainty continues to stifle investment across all sectors.  

The housing market has stalled across the board and manufacturing is taking stock as cross-party talks continue.