Why do we care what the CBI thinks about May’s Brexit deal?

Big UK business is often guilty of short-termism and the CBI’s response to Theresa May’s draft withdrawal proposal is no exception. Large companies are backing May’s appalling deal with the EU because they are preoccupied with ensuring that next year’s results are no worse than the guidance they have given markets. The opportunities which could arise from a proper Brexit, in which Britain is allowed to do its own trade deals, set its own regulations and lower taxes and other barriers in order to suck in overseas investment, are too far over their horizon for them to see. How often have you heard the words drip from well-fed FTSE 100 executives: ‘what business needs most is stability’? It is this lust for ‘stability’ which led big business overwhelmingly to back Remain in the 2016 referendum and which makes it grab for the temporary comfort blanket of May’s deal. It wants to know that it will be able to sell its goods and services on the same terms as the previous year – so that CEOs will be able to stand up at next year’s AGM and report that they have managed to achieve 0.9