Are you ready for a no-deal Brexit?
Boris Johnson says he is determined that the UK will leave the EU on October 31 – with or without a deal.
That intent was underlined when the Government announced an extra £2.1bn for no-deal preparations.
Where does that leave business?
Our Brexit Insight resource contains a wealth of information on Brexit planning. Click here.
Rob Johnston, Chief Executive of Cumbria Chamber of Commerce, said: “When we carried out a Brexit-readiness survey earlier this year, almost half of businesses said they hadn’t started preparations.
“Their argument was, ‘How can we? We don’t know what we’re preparing for.’ That argument still holds true. We still don’t know what’s going to happen on October 31 but the odds on a no-deal departure are shortening.
“If, as seems likely, the EU rebuffs the Prime Minister’s demand to renegotiate the Withdrawal Agreement, we will be in for an almighty struggle this autumn as some MPs attempt to thwart a no-deal Brexit. Who knows how it will end?
“Given all that, it’s sensible to make plans for a no-deal outcome.
“We listened carefully to what businesses have told us and compiled one of the most comprehensive Brexit planning resources available anywhere.
“We call it Brexit Insight and it’s updated weekly on the Cumbria Business Growth Hub website.”
He added: “We don’t want businesses to panic.
“For some, spending money to stockpile goods or carry out extensive supply chain mapping would be an over-reaction.
“But it’s important that each business assesses the risks, carries out a review and responds in a way that’s appropriate for them.
“Some measures don’t cost anything to implement. For example, if you import from or export to the EU you can apply now for an EORI number, which will be required to continue trading in the event of no deal.”
Brexit Insight includes a dedicated section on no-deal planning. Click here.
There’s also general advice on Brexit planning, regardless of whether the UK leaves with a deal or not. Click here.
Businesses that trade internationally, or who employ EU nationals, will find the section on tariffs, trade and migration useful. Click here. This includes information on WTO tariffs that would apply in a no-deal Brexit.
There’s information for food businesses here and on how Brexit will affect copyright, trademarks and patents here.
Listen to a podcast with lawyer and Brexit expert Luke Donockley, of Muckle LLP, who outlines the basics of Brexit planning. Click here.
There’s more sensible advice on Brexit planning in an interview with Simon Hart of the accountant RSM. Click here.
You can register for Brexit alerts here, complete our Brexit survey here and access a diagnostic tool that provides Brexit advice tailored to the needs of your business here.
Finally, you can access the British Chambers of Commerce’s Brexit checklist and risk register here and view the Brexit Barometer here to understand how Brexit is affecting the UK economy.
© Cumbria Chamber of Commerce