Wednesday 21 December 2016 12:01 am

Government must be careful to consider all sectors of business in the Brexit deal, warns CBI

Government must take care not to sacrifice some sectors for the sake of scoring a good Brexit deal for others, a report out today has warned. 

The Confederation of British Industry (CBI) study cautioned leaving any sector high and dry during the process of leaving the EU could have knock-on effects for other industries, given how interconnected the UK's economy had become.

In general, the CBI suggested the government focus on six high-level principles when gearing up for the Brexit talks, including keeping trade between the UK and the EU member states barrier-free, maintaining a migration system which will allow businesses to access the talent they need to keep growing and secure as smooth as possible an exit from the EU.

Read more: Theresa May says Brexit talks will be done by March 2019

"While each sector has issues specific to them, there are many crossovers and common principles that unite them, for example the need to avoid cliff edge changes that cause disruption to supply chains and trade," said Carolyn Fairbairn, CBI director-general.

"Where companies differ is how they prioritise these issues and the contrasting emphasis they place on trade, migration and regulation.

"To make a success of Brexit for the whole economy, government needs to work through all these issues, as well as seize the opportunities afforded by a new focus on the UK’s global economic relationships."

Read more: Regulation, regulation, regulation: What to expect in 2017

Honing in on the UK's financial services sector, which employs 1.1m people, the CBI report noted both the UK and the EU would stand to benefit from temporary transitional arrangements being put in place. 

The referendum took place six months ago on Friday.