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business bosses alarmed as resignations imperil brexit deal
Business leaders said on Thursday that the draft Brexit agreement is seen as the only opportunity to maintain some stability in the UK --
Trade in the EU could collapse, leading to a slump in share prices and Sterling.
Just 12 hours after British Prime Minister Theresa May announced that her cabinet had agreed to the terms of the draft agreement, British Minister for Brexit Dominic Raab) and work and say they can\'t support
On next March, they and other junior ministers left the EU, leaving the ghosts of British business without an agreement, and causing stocks in UK home builders, retailers and banks to plummet.
\"The political situation is still uncertain,\" German carmaker BMW said in a statement . \".
\"So we must continue to be prepared for the worst --
Case scenario, what is this?
Britain will represent Brexit.
\"We continue to call on all parties to work towards a final agreement to maintain the truly frictionless trade on which our international production network depends.
The EU is Britain\'s largest trading partner, accounting for 44% of UK exports and 53% of UK imports.
After 45 years of joining, industries including defense, automotive and aerospace have built complex supply chains that rely on stability, \"just-in-
\"Time\" transports thousands of parts of Britain separated from the continent to sea.
Business leaders worry that the country may be in trouble.
Britain\'s exit from the EU agreement, in which border checks blocked ports and broken supply chains such as Rolls-Royce --Royce (RR. L)
With BAE Systems (BAES. L).
Karen Bates, head of the Scotch Whisky Association, said,
Brexit will bring \"considerable difficulty\" to the industry and increase costs and complexity.
It accounts for about 20% of UK food and beverage exports.
An executive at one of Britain\'s largest banks said it was the most disastrous government he had ever seen.
\"The whole world is watching us laugh.
It is time to stay stable so that business can be certain.
This is what the country needs.
\"Late Wednesday, ministers briefed industry bosses on the draft agreement, which they generally welcome as the best opportunity to reach a compromise, which will ensure a transition period and avoid confusion in any deal at all
Mei\'s office also issued a statement from several major companies such as Diageo (DGE. L)
London Stock Exchange (LSE. L)
And Royal Mail (RMG. L)
Draft deal is welcome.
Roger Carr, chairman of BAE Systems, told BBC radio: \"Most businessmen end up being pragmatists, and it\'s about playing cards, not wanting to get better cards . \".
Ian Anderson, executive chairman of the public affairs firm Cicero, which represents many financial companies, said that while most executives don\'t like Mei\'s deal, they realize it\'s the only game in town.
\"The business community is watching the resignation in horror,\" he said . \"
\"We had a plan yesterday and we didn\'t have it today.
\"There is no time to negotiate another agreement now.
We thought we were stable.
We are now facing great instability.
Chief executive of Siemens industrial group, Germany (SIEGn. DE)
The company hired 15,000 employees in the UK and reiterated his call to support the draft agreement even if senior politicians called on May to resign.
\"We want the parties to stay calm, look at the facts and support this draft to provide greater certainty for the UK business,\" Juergen Maier said in an email statement . \".
Even if Mei survived, her chances of winning parliament\'s vote to approve the draft agreement were seen as slim.
Politicians say May\'s deal will keep Britain free from EU rules.
Many believe that this will also undermine the integrity of the United Kingdom, as it will align Northern Ireland with the rest of the EU to avoid hard borders with the EU --member Ireland.
Many executives interviewed by Reuters are trying to guess what will happen next, either national elections, a second referendum, or an extension of the negotiating deadline.
A senior executive at FTSE 100 remains hopeful, however, when the agreement is presented to Parliament by the end of the year, lawmakers will eventually be persuaded to vote for the agreement.
\"We will need the market to vomit and scare them all to vote for it,\" he said . \".
The pound fell 1.
The exchange rate against the US dollar was 8% in late evening trading.
CEO of French outdoor advertising company JCDecaux (JCDX. PA)
Bus in London --
The company accounts for 10% of its sales in the UK, saying the situation is \"obviously very serious \".
\"Today\'s events have exacerbated the uncertainty of the market,\" Jean-
Charles Deco said in an interview with Reuters on the sidelines of an industry meeting in Barcelona.
Martin Sorrell, former
CEO and founder of advertising agency group WPP (WPP. L)
And one of the best in Britain.
Some well-known businessmen say the country is a state.
\"The situation this morning has weakened confidence in cities and countries,\" he told Reuters . \".