For the majority of businesses in Britain, the break with the EU was damaging for businesses and may yet undermine the UK’s economic recovery.
When it comes to Brexit, what are retailers themselves saying? A letter signed by almost 200 business leaders in February 2016 – including the bosses of Asda, M&S, Dixons Carphone and Kingfisher – warned that leaving the EU would “deter investment” and “threaten jobs”. Meanwhile three of Britain’s biggest supermarkets – Tesco, Sainsbury’s and Morrisons, refused to sign the letter. “The referendum on EU membership is a decision for the people of Britain,” said Tesco in a statement, with similar sentiment echoed by Sainsbury’s and Morrisons.
This paper examines the possible arrangements that may be negotiated and the possible macroeconomic effects and implications this could have for the retail industry.
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