More companies will leave Britain as Brexit negotiations drag on between the U.K. and also also also the European Union (EU), the secretary-general of the Organization for Economic Co-operation and also also also Development (OECD) said.
Angel Gurria said Monday that will until a deal can be agreed, the British economy will face ongoing headwinds and also also also, as a result, chief executives will take action.
“many companies are moving elsewhere or at least partially moving elsewhere,” he said. “and also also also This kind of is usually going to continue inside the next few months, perhaps the next couple of years until the actual exit takes place.”
The U.K. is usually set to leave the EU in March 2019 and also also also EU chief negotiator Michel Barnier has said he wants to complete the terms of the departure by fall 2018. however This kind of timetable has come under pressure coming from the slow progress between the two parties.
Gurria added that will Brexit uncertainty was creating costs as investment decisions were either deferred or canceled.
One major area of Brexit uncertainty is usually how that will will affect the border between Northern Ireland, which is usually still part of the United Kingdom, and also also also the Republic of Ireland, which is usually remaining a part of the EU. Dublin wants a written guarantee that will there will be no return to a “hard border” between Ireland and also also also its northern neighbor.
Gurria said there was still a lot of work to be done to understand the implications of Brexit and also also also its effect on Ireland.
“Right today, that will is usually having a very serious impact in Irish politics,” he said. “The elimination of the border with Northern Ireland was a very great achievement of the Irish people and also also also the U.K. in general. So you can see the sensitivity.”