Theresa May Resigns: Live Updates – The New York Times
British business is preparing for more uncertainty.
Britain has taken several economic hits recently, and business leaders are worried about the prospect of more gridlock in Parliament, potentially leading to a harmful “no deal” Brexit on Oct. 31.
“There are only five months before Britain crashes out of the E.U. without a deal, causing prices to rise and reducing the availability of many goods on the shelves,” Helen Dickinson, chief executive of the British Retail Consortium, said in a statement.
Carolyn Fairbairn, director-general of the Confederation of British Industry, said “Winner-takes-all politics is not working,” and chided those jockeying for position.
“Nation must be put ahead of party, prosperity ahead of politics,” she said in a statement. “We call on politicians from all parties, on all those ambitious to lead, to take this chance for a fresh start.”
Despite such concerns, British stock rose slightly on Thursday.
A number of businesses, wary of Brexit and the uncertainty surrounding it, have already moved some operations out of Britain.
British Steel, the country’s second-biggest steel company, collapsed into insolvency this week and said Brexit was partly to blame. The travel company Thomas Cook reported massive losses, saying Brexit had held travelers back from booking trips.
For months, retailers stockpiled goods ahead of previous Brexit deadlines for fear that traffic jams and issues at the border would prevent food from getting into the country. Britain imports about half its food from or via the European Union.