Miles Celic, Chief Executive Officer, TheCityUK, said,
An interim customs period with the EU to allow businesses the time to adjust once a new customs relationship is agreed is vital to ensuring a smooth and orderly Brexit. This is a key concern for the customers and clients our industry serves.
While a transitional customs period is crucial to UK trade and exports, it’s important to remember that the majority of UK exports are services. In fact, Britain’s trade surplus in financial and related professional services is greater than all other net exporting industries combined.
Alongside a transitional customs arrangement, we also want to see urgent agreement by the UK and the EU27 on a broader transitional arrangement which includes services. In the absence of clarity on these transitional arrangements, firms are already starting to activate their contingency plans. It is essential that all parties in the negotiations rapidly focus on delivering certainty. This will enable businesses to provide continuity of service to customers and clients.