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Making Brexit Work for British Business

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Making Brexit Work for British Business Making Brexit Work for British Business PressRelease1106-Fi nal.docx [DOCUMENT TITLE] [Document subtitle] Making Brexit Work for British Business Peter Sands, Ed Balls, Sebastian Leape, Nyasha Weinberg 0 Making Brexit Work for British Business: Key Execution Priorities Peter Sands, Ed Balls, Sebastian Leape, Nyasha Weinberg June 2017 M-RCBG Associate Working Paper Series | No. 77 The views expressed in the M-RCBG Associate Working Paper Series are those of the author(s) and do not necessarily reflect those of the Mossavar-Rahmani Center for Business & Government or of Harvard University. The papers in this series have not undergone formal review and approval; they are presented to elicit feedback and to encourage debate on important public policy challenges. Copyright belongs to the author(s). Papers may be downloaded for non-commercial use only. 1 Making Brexit Work for British Business Table of Contents Abstract, Acknowledgements and Affiliations ............................................................. 2 1. Executive Summary ......................................................................................................... 3 Introduction ............................................................................................................................................ 3 Key Findings ............................................................................................................................................ 4 2. Introduction ...................................................................................................................... 11 Objectives ............................................................................................................................................. 11 Approach ............................................................................................................................................... 11 Structure of the Paper .......................................................................................................................... 13 3. Recap of Fundamental Deal Options ........................................................................ 15 Remaining within the Single Market ..................................................................................................... 16 Leaving the Single Market, but remaining in the Customs Union ........................................................ 17 Leaving the Single Market and the Customs Union and crafting a Free Trade Agreement with the EU. .............................................................................................................................................................. 18 Leaving the Single Market and the Customs Union and relying on WTO terms for trade with the EU 19 4. Trade .................................................................................................................................. 21 Trade with the EU the Top Priority ....................................................................................................... 24 Striking Trade Deals Elsewhere ............................................................................................................. 28 Supporting Trade More Effectively ....................................................................................................... 33 Reinforcing Trade in Services ................................................................................................................ 36 5. Regulation ........................................................................................................................ 38 The Risk of Increasing the Regulatory Burden ...................................................................................... 38 The Quality of EU Regulation ................................................................................................................ 41 Opportunities to Adapt Regulation to Britain ....................................................................................... 43 The Importance of EU Regulatory Agencies ......................................................................................... 46 6. Industry Sectors.............................................................................................................. 50 Sectors with Highly Integrated Supply Chains Across the EU ............................................................... 50 Sectors Reliant on Regulatory Harmonisation ...................................................................................... 54 Sectors Dependent on EU Protection and Subsidies ............................................................................ 56 Sectors Relying on Direct EU Funding ................................................................................................... 59 Sectors Reliant on Access to EU Labour ................................................................................................ 63 7. Implementation Priorities ............................................................................................. 69 Executing the Brexit transition ............................................................................................................. 69 Implementing Effective and Efficient Policies and Processes ............................................................... 70 Enabling Companies to Exploit and Adapt to the Changing Business Environment ............................. 75 8. Conclusions ..................................................................................................................... 77 Appendices ........................................................................................................................... 80 Appendix 1 – List of Interviewees ......................................................................................................... 80 Appendix 2 - Members of Parliament ................................................................................................... 82 Appendix 3 - EU Agencies ..................................................................................................................... 83 Appendix 4 – Bibliography .................................................................................................................... 86 1 Making Brexit Work for British Business Abstract, Acknowledgements and Affiliations Brexit implies profound changes for British businesses: from how they trade, to how they are regulated and how they employ people. To explore the challenges and opportunities we interviewed over 50 mid-sized British businesses and trade associations, with the objective of identifying the key execution priorities for Brexit from their perspective. The paper sets out the findings from the interviews and draws conclusions for policymakers. Key themes emerging include: the overwhelming importance of securing a good trade deal with the EU; the concern that Brexit would lead to an increased regulatory burden not a reduction; the need for continued engagement with EU regulatory agencies; the fact that Brexit will necessarily trigger a fundamental rethink of policy towards some sectors, in particular agriculture; and the need to upgrade customs control procedures and revamp the immigration system. Acknowledgements We would like to thank all the companies and trade associations we interviewed for this research for making the time to share their perspectives with us. These are listed in Appendix 1. We would also like to thank the Members of Parliament who helped us identify companies to interview and the individuals from various academic institutions and think tanks who gave us their insights. These are listed in Appendix 2. Finally, we would like to thank those who took the time to review the draft report and provide us with comments. The authors take full responsibility for the content and conclusions of this report, including any errors and omissions. Affiliations Ed Balls - Senior Fellow - Mossavar-Rahmani Center for Business and Government - Harvard Kennedy School and Visiting Professor, Kings College, London Peter Sands - Senior Fellow - Mossavar-Rahmani Center for Business and Government - Harvard Kennedy School Sebastian Leape - MPP Candidate - Harvard Kennedy School Nyasha Weinberg - MPP - Harvard Kennedy School 2 Making Brexit Work for British Business 1. Executive Summary Introduction What does Brexit mean for British business? Two starkly different visions are put forward. Brexit proponents - and for that matter, the current British Government (“the Government”) - suggest that leaving the European Union (“EU”) will be a boon for British business. Britain’s commercial spirit will be unshackled from the enterprise stifling burden of EU regulation1. British exporters will enjoy a “golden opportunity” for trade2. In this portrayal, Brexit is the step towards a more successful, prosperous “Global Britain”3. By contrast, Remainers portray a much gloomier picture of the future: Britain will lose frictionless access to the world’s biggest economic zone and the UK’s largest trading partner by far4. Tariffs and non-tariff barriers will impact the competitiveness of British business. Integrated supply chains will be disrupted by customs procedures and delays. Foreign investment will falter once the UK is no longer a platform for doing business across Europe5. Much of this rhetoric is a legacy of the Referendum campaign, or position-setting ahead of the negotiations with the EU. Leavers (and indeed now the Government)
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