As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business.
What is certain is that it will bring change for businesses of every size and sector, but planning for it seems almost impossible. For businesses that buy and sell to the EU it is important to have contingency plans in place which are flexible enough to cope with a variety of outcomes.
Preparing for the worst will give your business the best chance of moving through the transition regardless of the outcome of negotiations.The Government has previously said it is unlikely that no deal will be reached over the UK’s future relationship with the EU, and with the stakes high for both sides it is in everyone’s interests that some form of agreement is reached soon.
Almost half (43%) of the UK’s exports are to the EU and generate £235 billion in export revenue. With the EU being the UK’s largest trading partner, it paints a clear picture that the EU will continue to play a key role for UK businesses in the future.
The British Chambers of Commerce (BCC) believes that all firms, not just those directly and immediately affected, should be undertaking a Brexit ‘health check’ along with a broader review of existing business plans. A recent BCC survey suggests that a significant number of businesses are either watching and waiting or taking no action at all to prepare for a no-deal Brexit.
Despite the uncertainty ahead, and the short timeframe, there are still a number of steps that businesses of all sizes can take to ensure they are as ready as they can be.
For advice on how to prepare your business for leaving the EU, please contact our Business Service Team on 01223 810 100
