UK’s EEF wants a 5 year Brexit transition period

The Telegraph carried a story on Wednesday that focused on a report published by the Institute of Directors (IoD) as well as by the UK's engineering and manufacturing trade body (EEF), noting the following:

"...  business people must not wait for the outcome of negotiations before undertaking their own planning and consultation in an attempt to minimise the potential for disruption to existing commercial relationships."

Companies should be more proactive than simply responding to the government's consultations and waiting for the result of the negotiations

The IoD study also found that companies have recovered much of the optimism that was lost at the time of the Brexit vote

Walking away from the EU is "not an option"

The EEF wants a transition period, but argues for a longer term lasting "at least" five years