Theresa May was told to commit to a Brexit divorce settlement within a fortnight or face a collapse in economic confidence in Britain, according to European business leaders at a confrontational Downing Street summit on Monday.
Most British firms will delay investment and cut recruitment plans unless a Brexit transition deal is agreed early next year, company bosses have warned. The stark claim from Britain’s biggest business group comes amid the strongest signs yet that the corporate world has lost patience with cabinet infighting and lack of progress in Brexit talks.
Plans to build 300 social homes, an upgrade to the London Underground and support for economic development in the northeast are among public sector projects worth £1 billion put on hold because of Brexit.
As the U.K. charts an increasingly erratic course toward Brexit, retailers like Tesco Plc, J Sainsbury Plc and Next Plc that sell a significant amount of imported goods are bumping up against the limits of contingency planning. “We’re far more worried about the government’s ability to deal with any increase in customs administration than we are with our own ability to deal...