UK businesses need more clarity over no-deal Brexit scenario
Businesses in the UK still have many unanswered questions on a range of business issues in the event of a ‘no-deal’ Brexit scenario.
The UK is scheduled to leave the EU in less than fifty days now and companies are calling out for more clarity on how to move forward if Britain leaves the bloc without a deal.
The British Chambers of Commerce (BCC) says businesses risk being “left hung out to dry” unless the government starts giving them the tools and information needed to prepare for all possible scenarios.
If there is no deal then the UK defaults to World Trade Organization rules.
The BCC published a list of 20 critical questions for the business community that remain unanswered in the unwelcome event of the UK leaving the EU without a deal.
The BCC, which represents 75,000 firms of across the UK that employ nearly six million people, is urging the government to provide answers.
The twenty unanswered questions, which the BCC says “reflect fundamental aspects of how companies operate”, can be seen here or in the image in the tweet embedded below:
📢With less than 45 days to go until March 29th, the @britishchambers publishes 20 questions that remain unanswered about conditions for business in the unwelcome event of a no deal #Brexit https://t.co/ODrWz5fiz8 pic.twitter.com/r5ydU4p0az
— BCC (@britishchambers) February 12, 2019
Adam Marshall, Director General of the British Chambers of Commerce (BCC), said: “In less than 50 days, UK firms could face the biggest change to their terms of trade in over a generation, without the information and clarity they need to navigate their forward course.
“There is a very real risk that a lack of clear, actionable information from government will leave firms, their people and their communities hung out to dry. “Even those companies trying their hardest to get ready are still in the dark on important matters from contracts through to customs. Many others, who took the decision to wait for the political process to conclude before acting, would face sudden and costly adjustments if a deal is not reached.
“It is little wonder that many firms have been holding back on investment, stockpiling, and even opening offices and moving operations and jobs elsewhere. The imperative remains to avoid a messy and disorderly exit on March 29th, but businesses need answers they can base decisions on, no matter the outcome. The lack of clear, precise answers is now causing real damage to many businesses, and to the wider economy.”
The government says it is currently focused on getting its Brexit deal approved.
A government spokesman was quoted by the BBC as saying: “The best way to support our economy, protect jobs and provide certainty for businesses and individuals as we leave is to back the deal we have agreed with the EU.
“We are focused on securing the necessary changes to ensure the deal passes through Parliament.”