CBI's Fairbairn on Trade, Brexit Business Impact

The transcript discusses the potential impacts of Brexit on trade, highlighting tariffs and non-tariff barriers. It covers the uncertainty faced by UK businesses and their contingency plans. The conversation explores optimism about reaching a trade deal, the challenges of negotiations, and the potential silver lining of increased productivity. The psychological and economic perspectives on Brexit are examined, along with the concept of a 'good Brexit'. The Irish border issue is a significant challenge in the negotiations, requiring flexibility and reciprocity from the EU.

What percentage of UK exports would face tariffs in the event of a no-deal Brexit?

• 22%

• 90%

• 53%

• 10%

How long have British firms been dealing with uncertainty regarding future trading arrangements?

• 6 months

• 12 months

• 24 months

• 17 months

What is the mutual interest between the UK and the EU in resolving the Brexit impasse?

• Strengthening currency exchange rates

• Increasing trade barriers

• Reducing tariffs

• Avoiding new border officials and queues

What is considered a silver lining for UK businesses in the context of Brexit?

• Reduced foreign investment

• Focus on productivity and industrial strategy

• Increased tariffs

• Decreased competition

What is a key challenge in maintaining a frictionless border between Ireland and Northern Ireland?

• Regulatory alignment

• Geographical barriers

• Currency differences

• Political disagreements

What is the primary goal for the UK in achieving a 'good Brexit'?

• Reducing immigration

• Maintaining barrier-free trade with the EU

• Strengthening the pound

• Increasing tariffs on EU goods

What is the stance of the UK regarding the single market and customs union during the transition period?

• Complete withdrawal

• Partial membership

• No involvement

• Full membership