Businesses encouraged to increase readiness for no-deal Brexit

Business News News

Businesses across the UK are being encouraged to increase their readiness for a no-deal Brexit.

The Institute of Directors (IoD) said that, while all firms should be preparing for a no-deal Brexit, it had found that fewer than half of businesses had plans in place.

The IoD has also called on the Government to make Brexit planning vouchers available to SMEs to access professional advice in relation to trade and legal matters arising from Brexit.

Speaking to The Guardian, Edwin Morgan, Interim Director General at the IoD, said: “Business can have no absolute reassurance that an agreement will be reached, particularly given the commitment of some conservative leadership candidates to leave the EU in October, with or without a deal. It feels like the extension is at risk of being wasted.”

He added: “If businesses can’t have faith in politicians that means they have to look out for themselves. With business costs rising in many quarters, and management time precious, it is understandable that firms do not want to put resources towards preparing for something that we still hope will not happen. But the risk of no deal is very real and so we’d urge all businesses, if they haven’t done so already, to carefully consider their exposure and draw up mitigation plans now.”