U.K. Companies Aren’t Prepared for Life After Brexit, BCC Says

U.K. companies aren’t preparing for the next stage of Brexit and the government needs to do more to help them, the British Chambers of Commerce said.

Only about half of the firms in a BCC survey had taken the steps recommended by the government to prepare for changes when the U.K. drops out of the single market at the end of the year. Just 38% have completed a Brexit risk assessment this year, compared with 57% in 2019.

The lack of preparation may affect customs declarations and could lead to significant disruptions for U.K. customers and suppliers. Helping firms through the transition is vital to support companies that are already facing reduced demand due to government restrictions to contain the coronavirus pandemic.

“The government must ramp up engagement with businesses urgently to ensure that the real-world issues facing firms get tackled immediately,” BCC Director General Adam Marshall said.

©2020 Bloomberg L.P.

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