The Institute of Directors has warned businesses to pick-up the pace of no-deal Brexit preparations, saying British businesses have made little progress in planning for a hard exit this October.
The group said that businesses ‘cannot afford to put their faith in politicians to produce a Brexit resolution’.
A survey conducted of its members found just 23% had triggered contingency plans, up slightly from 18% in January, but more than half had no contingency planning in place at all with just four in 10 businesses saying they had plans to put preparations in place before Halloween.
Edwin Morgan, interim-director of the IoD warned that: “This week’s vote won’t be the last twist in the Brexit saga, but it made clear how real the possibility of no-deal is.
Read more: UK carmakers warn of £50k a minute hard-Brexit bill as Germany reiterates desire for agreement
“Business can have no absolute reassurance that an agreement will be reached, particularly given the commitment of some Conservative leadership candidates to leaving the EU in October with or without a deal. It feels like the extension is at risk of being wasted.
“If businesses can’t have faith in politicians, that means they have to look out for themselves.”
If your company is one of the thousands yet to formalise a Brexit strategy, find out how Go Exporting can help through a Brexit readiness audit.
