Enough Suffering, Don't Rishi Sunak Make It Worse - UK Business


 UK Prime Minister Rishi Sunak is under widespread pressure from an alliance of business, labor and environmental groups to drop his plans on European Union (EU) legislation.

This follows reports earlier this month that the new UK administration plans to scrap all EU laws by the end of next year.

Organizations including the Institute of Directors, the Congress of Trade Unions and the Chartered Institute of Personnel and Development warned that the move would cause significant disruption to business, workers, consumers and conservation.

The EU Remain Bill, is a piece of legislation for Brexit supporters who believe that the process will provide a productivity boost to the UK economy.

However, in a letter sent to business secretary Grant Shapps on Wednesday, the group said the stripping of EU law would push businesses into new uncertainty as they grapple with a surge in inflation.

The director general of the Confederation of British Industry (CBI), Tony Danker, urged ministers to put aside political motives to seek improvements to the UK's existing trade deal with the EU.

Last week, Bank of England (BOE) officials said that Brexit had affected the UK economy, where it caused a disproportionate impact on trade.

A simple way to look at the impact of Brexit on the economy is that in the period after the referendum (2016), there was the biggest contraction that any of the world's four major economies had seen overnight.

That contributed to higher prices and lower wages, even before inflation spiked this year, the BOE said.