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The central bank’s staff questioned some 200 businesses about their preparations for the country’s impending withdrawal from the bloc, according to Thursday’s report. About half of those surveyed said they had started implementing contingency plans for a “no deal, no transition” Brexit. Roughly half felt they were not ready even though almost three-quarters had a plan in place.
The other half felt that they were “ready” and had prepared as much as they could for a no-deal scenario. Of those, about a quarter were not making contingency plans, either the report said because they did not think they would be affected or because they were waiting for more clarity.
Even those who felt they were ready still expected output and employment in the UK to fall over the next 12 months.
Almost a fifth were taking measures to ensure they have the certified documents to sell products or services in the EU once the UK leaves the bloc.
About half of the respondents said they were building inventories. Almost two-thirds of manufacturers and consumer services companies say they are building up their stock, and about a fifth of the companies surveyed say they are taking extra warehouse space. [...]
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