"We have a plan for Britain", Britain's Prime Minister Theresa May said on March 20, adding that part of that was "delivering on Brexit in getting the right deal for Britain overseas and Europe".
U.K. Prime Minister Theresa May and Scottish First Minister Nicola Sturgeon met for an hour at a Glasgow hotel, days after Sturgeon demanded a referendum on Scottish independence to be held within two years. She has warned the other 27 Europe Union members that no deal is better than a bad deal.
Terry Scuoler, chief exec of the EEF, said: "The idea of being able to walk away empty-handed might be a negotiating tactic, but it would in reality deliver a risky and expensive blow".
The think-tank also said Britain needed to prepare for a "significant shortage" post-Brexit of skilled jobs in manufacturing and engineering.
An abrupt exit could "trigger dislocations", with British banks no longer able to offer their services in the European Union and banks in the European Union finding they no longer have access to the financial center in London, the report said. The report mentions Britain could try to keep deals it has with non-EU countries like the one passed this year between Canada and the EU. Manufacturing contributes about 10% share to the Britain's economy.
Handelsblatt daily cited a risk analysis from the Finance Ministry as saying that if Britain and the European Union do not strike a deal about Britain's exit in time, it could threaten the stability of financial markets.
He said: "It is going to be tough, but we must focus on developing a strategic approach that aims to preserve frictionless trade while building a launch-pad from which the United Kingdom can secure ever more ambitious deals from around the world".
May's spokesman said the prime minister hoped to highlight areas where she believes the two sides can find agreement and plot a course forward, without having to have to hold a new independence referendum.
During the meeting with Sturgeon, May also said that Brexit would result in a more united nation. "The UK's trading partners operate inside this WTO trade framework and without doing so the UK can not commence negotiating FTAs including with the European Union - as FTAs are also based on WTO rules".