EEF has responded to the Treasury Select Committee inquiry into the UK's economic relationship with the European Union. The focus of EEF's response is on transitional arrangement.
Within our response we call on Government for an urgent agreement on transitional arrangements to give UK and EU businesses the certainty and time they need to prepare for the new UK-EU economic partnership. The details of any transitional period matter: the trade arrangements that UK businesses have with the EU during a time-limited period should match those they currently enjoy.
In addition we highlight manufacturers' priorities that should transitional arrangements. These include:
The UK should maintain both its current economic participation in the single market and the current terms of a customs union during a transitional period as the simplest way to secure continuity for business.
The transition period should last until a new deal is in force and give enough time to adjust.
It is imperative that the UK’s regulatory environment stays in step with the EU during this period.
The UK Government must take steps to ensure a form of continued influence over the rules affecting it during this period.
You can read our full response below.