A group of large European companies, has warned the Prime Minister, which can reduce the investment, without greater clarity about the terms of Britain’s EU exit.
Business leaders, including BP, BMW, Nestle, and Vodafone, told Theresa May that “time is running out”.
In a statement after the Downing Street meeting, said that a trade agreement with the EU should be “without friction, as with a customs union”.
Downing Street said that the meeting had been “open and productive”.
Industry leaders warned that “the uncertainty that it causes less investment”.
The group, known as the European Round Table of Industrialists (ERT), includes the chairman of BP, Carl-Henric Svanberg and Nestle counterpart Paul Bulcke.
Others at the meeting were the chief executives of Vodafone, Vittorio Colao, and Royal Mail, Moya Greene.
The leaders of companies such as BMW, Phillips, E. On and Ferrovial also attended the meeting with Mrs. May and Brexit secretary David Davis.
The ERT represents Europe’s 50 largest companies, with combined revenues of 2.25 billion euros (£2 tonnes) and millions of employees.Why the customs union so important?Brexit: Jargon-busting guide to the key termsReality check: How do HMRC get to a £20 customs charge?
In its statement, the TSE said: “The uninterrupted flow of goods is essential to both the EU and the uk economies. This should be without friction, as with a customs union.
“We need clarity and certainty, because the time is running out. The uncertainty leads to less investment.”
A spokesman for Downing Street said that the PM told business leaders that is working on two models of customs”, and stressed the importance of ensuring that our future trade agreements with the EU are as frictionless as possible.”
He reiterated a commitment to avoid a hard border between Northern Ireland and Ireland, and that allows the uk to pursue an independent trade policy.
“The PM acknowledged the need to provide legal certainty for the companies, noting that the agreement of a period of application, at the European Council in March to give time to allow companies to prepare for the new provisions,” the spokesman said.