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Factbox: Industry reaction to UK PM Johnson's Brexit statement

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Prime Minister Boris Johnson said it was time to prepare for a no-trade deal Brexit in 10 weeks as the European Union had refused to negotiate seriously, adding that unless Brussels changed course there would be no agreement.

FILE PHOTO: Britain's Prime Minister Boris Johnson in Downing Street in London, Britain October 8, 2020. Aaron Chown/Pool via REUTERSHELEN DICKINSON, CHIEF EXECUTIVE OF THE BRITISH RETAIL CONSORTIUM:

Government must do what is necessary to agree a zero-tariff agreement, or else it will be the public that pay the price.”“Few would doubt that getting ready for no deal in the middle of a pandemic will be a Herculean task for many businesses. Our figures show that most directors think that COVID will magnify the impact of no deal.

“In the event of a no-deal Brexit, shoppers will - literally - pay a heavy price. Imported food and drink from the EU will face eye-watering tariffs, averaging 18%, and kick-starting price rises. “The last time we were told to prepare for a no-deal scenario you saw a big uptick in stockpiling. There simply isn’t the cash or staff capacity to make that possible this time round, with a lot of employees still furloughed amid weak demand.

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