New research from the British Chambers of Commerce shows a concerningly high number of UK firms aren’t ready for a no deal Brexit.
The survey of over 1,500 firms from across the country, found that in the midst of conflicting political messages over the likelihood of no deal and remaining gaps in government guidance, two-fifths (41%) of UK businesses have not done a Brexit risk assessment. Those that trade internationally (63%) are far more likely to have carried out a risk assessment on the impact of Brexit to their business than their counterparts that trade in the UK only (35%).
There has been a welcome jump in those that have carried out a Brexit assessment since last year (35% in 2018 and 57% in 2019), but with just weeks until a potential no deal exit, there is still a large proportion of firms that aren’t in a position to prepare for the impact.
Political turbulence and ongoing uncertainty about the final outcome of the Brexit process is hampering business planning, making it impossible for firms to know what to prepare for. While there has been an increase in the guidance available from government on conditions in a no-deal, the advice needs to be clearer and more consistent.
In a no deal scenario, firms that trade with Europe will face new customs procedures at the border. However, awareness of other schemes* to maintain continuity of trade remains low. [...]
Full press release
© BCC - British Chambers of Commerce
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