New research from the British Chambers of Commerce shows a concerningly high number of UK firms aren’t ready for a no deal Brexit.
Business has consistently called on government to avoid a messy and disorderly exit but in light of the political turmoil and relentless uncertainty, clearer and more consistent information is needed to help them prepare.
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.
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