In response to the Draft Brexit Agreement, S.M. Lodha, an Indian Industrialist with interests in Iron & Steel, and Chairman of Western Thermal Group, has said:
“The news that a Brexit agreement has been drafted will be met by cautious optimism by many in the construction sector and beyond. After more than 2 years with little concrete indication as to what agreements would be in place, the prospect of an agreement with the EU is far preferable to many businesses than the prospect of a no-deal.
The key question for business leaders now is what this agreement entails and what it means for them. Already, sources have warned that the agreement will have little in the way of information on the UK and EU’s future relationship, with many subjects like long-term trade still yet to be agreed. What will be known are the UK’s commitments to citizens post-Brexit as well as a potential Northern Ireland backstop arrangement that will see the UK remain within the customs union to prevent a hard border.
These will be key focuses for businesses with a workforce that includes EU citizens, as well as trade in the short term future. Whilst it still remains to be seen how businesses within the construction will react to the draft deal in full, all will of course depend on how the agreement is received by the Cabinet and Parliament itself.”