SUBSTANTIAL government support would be needed for the West Midlands to navigate a no-deal Brexit, the region’s business, trade union and political leaders say.
The Brexit Economic Contingency Group met in Birmingham to discuss the ‘challenges’ of a no-deal departure on local companies.
Business leaders stressed the need for clarification on what will change on March 29 in terms of export rules and other trade legislation.
The summit discussed contingency plans such as stockpiling raw materials and components to help manufacturers, short-term loans for businesses with cash flow problems, and securing protections for the region’s workforce.
The meeting also called for an acceleration of existing investment designed to grow and strengthen the economy.
The group met as the government ramps up its own preparations for a no-deal including a £2billion fund to support the national economy in the event of the UK leaving the EU without an agreement.
West Midlands mayor Andy Street said: “What came across loud and clear is that additional support will be needed to deal with any disruptive effect of a no-deal departure on the our economy and that we will be calling on government for help.
“Everyone is also clear that no-deal should not scupper existing or planned investment and that projects, including major infrastructure schemes, should in fact be accelerated.
“We know that £2billion has already been set aside nationally and this Group is now refining exactly what it will ask of government while mapping out how the region as a whole can play the most supportive role it can for business.”
Chair of the region’s Strategic Economic Development Board and chair of the Coventry and Warwickshire Local Enterprise Partnership, Jonathan Browning, added: “We firmly believe that a no-deal Brexit presents real dangers to many businesses of all sizes across the West Midlands and the UK as a whole.
“It is essential that regional and central government, regardless of party politics, face up to these realities, take a lead and help put in place measures that allow the momentum and growth of the West Midlands to continue in both the short and medium term.”
