News | Published December 13 2018

DP Financial Advice and ORBS Electrical call for deal support as May arrives in Brussels

DP Financial Advice and ORBS told The Parliamentary Review this week that they hope MPs vote to approve a deal and end uncertainty when Theresa May returns from Brussels this week. The prime minister was today in the Belgian capital, looking to gain amendments to the deal that was due to be voted on last Monday, before she delayed the vote, citing its impending defeat.

May then survived a vote of no confidence from within the Conservative Party last night, with 200 MPs voting to keep May in the job to see through the ongoing discussions. 48 letters had been submitted on Tuesday night, which triggered the contest, and while 117 Tory MPs expressed their lack of faith in the party leader, she will continue until at least the vote on her deal is concluded.

  • May wins vote of no confidence and goes back to Brussels to discuss deal
  • Businesses tell The Parliamentary Review how they view the ongoing negotiations

It appeared that the prime minister had made a major breakthrough after nearly two years last month, when she announced a draft agreement had been reached, but following the reaction from MPs across the house, including those from the DUP who are in coalition with the Conservatives, she was left fighting for her job. May then delayed the vote and is now back in Brussels looking for concessions on the polarising backstop arrangement, which is fiercely opposed by the DUP and a number of pro-Brexit MPs from within her own party.

With Brexit no closer to being resolved, companies told The Parliamentary Review that MPs should support a deal rather than continuing to create the uncertainty that is detrimental to the economy and the political environment within the UK.

Clive Pinnick of OBRS Electrical explained “The transition period is not ideal, having no link to the EU institutions but having to abide by EU rules, however there was always going to be an extended period of transition and I believe that most reasonable people knew that at the time even if they didn’t vocalise it.”

He continued “Finally I think this deal, while far from perfect is definitely better than no-deal. I can’t see many businesses choosing to vote for a complete step into the dark.”

David Parnell of DP Financial Advice & Services explained that avoiding a no-deal scenario would offer businesses more time to adapt. “No deal I would assume would be a raft of FCA changes and implementation and the unknown cost, but not life or death. In some respect we will have unlimited time to implement any changes, just mirror what we do now and evolve. A draft deal would be the same as the above but time to implement and changes up until 2020.”