The leader of the UK's largest business lobby group, the Confederation of British Industry (CBI), has warned against re-running the Brexit referendum. Speaking to the Financial Times on the tenth anniversary of the vote, CBI director-general Rain Newton-Smith stated that despite the economic pain caused by leaving the EU, businesses do not want to revisit the debate.
The UK voted to leave the European Union ten years ago today, with calls for a deeper rapprochement with Brussels emerging in recent months. However, business leaders have made it clear that they are focused on the future rather than re-litigating the past.
New trade deals signed by the UK, including agreements with India and Gulf states, have shifted the business landscape, according to Newton-Smith. 'Five years ago, businesses would have supported joining the customs union,' she said. 'But the reality is the world has changed. So, no, CBI members aren't asking to join the customs union.'
Despite this shift in focus, Newton-Smith acknowledged that Britain's outside status poses a significant risk of being shut out of continental value chains due to Brussels' increasing protectionism.