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BCC Comments on Prospect of a Grexit

Commenting ahead of the Eurogroup meeting in Luxembourg tomorrow (18 June), John Longworth, Director General of the British Chambers of Commerce said:

"With a messy Grexit looking increasingly likely, many UK businesses may be hit by the resulting market upheaval, changes in trade flows, and payment issues. Central banks and governments must work to limit the disruption to business through all means possible. 

"As with every crisis, we need to be hard-headed enough to see if there is an opportunity in the agony. It is possible that Grexit may produce a silver lining for the UK as it seeks to redefine its position in Europe. In the aftermath of Grexit, the Eurozone would have to hold an honest debate about further integration and its future operation to prevent something similar ever happening again. Within those discussions there would be an opportunity for the UK to secure meaningful changes and opt-outs that ensure a reformed EU aids our competitiveness." 

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