Nervous business leaders back PM Theresa May’s Brussels Brexit deal

THE first poll of senior business leaders since Theresa May unveiled her Brexit withdrawal agreement has revealed overwhelming backing for the deal despite entrenched political opposition at Westminster.

According to the snap survey of more than 800 people by the Institute of Directors, 72% said it was important to get the agreement over the line before March 29 to avoid a potentially catastrophic no-deal scenario.

The latest backing from business comes after a largely positive reception for the Prime Minister at the CBI conference this week. But the deal looks unlikely to pass through the House of Commons due to the howls of outrage from hard-line Brexiteers as well as opposition from Labour, although attempts to unseat May by her own party appear to have stalled.

IoD director general Stephen Martin said businesses “urgently want to see the UK get a withdrawal deal across the line” against a backdrop of investment decisions put on ice by the turmoil.

He added: “Up and down the country, firms large and small are deeply concerned by the potential for a no-deal scenario, and business investment is already being choked off by the surrounding uncertainty.

“The need to avoid no-deal must be at the forefront of MPs’ minds when they come to vote on the agreement.

“The deal we have might not satisfy everyone, but this is still the clearest route to securing a smooth exit. It is a necessary step towards moving on to the future relationship negotiations, which cannot begin in detail until we have legally left the EU.”

Businesses leaders are split over a second referendum, the poll found, although a slim majority — 46% — favour a People’s Vote, compared to 44% against. But Martin warned: “A second referendum is not an easy way out of the political bind, with business opinion split on whether it would be a good idea now. The view of our members is that a withdrawal deal has to be the priority.”

The pound sank nearly two cents against the dollar amid the ministerial resignations last week. It has since clawed back some ground but today remained below $1.30.