September 5, 2019 / 7:27 AM / 11 days ago

Prospect of no-deal Brexit is damaging business confidence, says CBI business lobby

FILE PHOTO: People cast long shadows in the winter sunlight as they walk across a plaza in the Canary Wharf financial district of London, Britain, January 17, 2018. REUTERS/Dylan Martinez

LONDON (Reuters) - British business is diverting billions of pounds from productive investment to prepare for the prospect of a possible no-deal Brexit, according to the business lobby group the Confederation of British Industry.

The group said while most businesses will welcome opposition parties attempt to pass legislation to delay Britain’s departure from the European Union rather than leave without a deal, firms remain concerned about the ongoing political uncertainty.

“Until a deal is agreed, companies will continue to divert billions of pounds from productive investment to no deal preparations, and international investors will continue to question if the UK is a stable, open place to do business,” CBI Director General Carolyn Fairbairn said on Thursday.

Reporting by Andrew MacAskill; editing by James Davey

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