The outlook is tough; however here’s one simple step to control your outgoings
Our research and analysis distils and assesses what the developments in the transition period mean in real terms for businesses.
The British Chambers of Commerce today publishes an evaluation of official UK Government guidance to businesses on critical operational issues in the event of an unwanted ‘no deal’ exit on 31st October.
The leading business group has found that, at the time of publication, 31 of 36 business-critical areas are still marked amber or red, indicating that firms have incomplete or insufficient information available to plan thoroughly for a ‘no deal’ outcome.
The British Chambers of Commerce publishes new research demonstrating some of the potential real-world consequences of the UK leaving the EU without a deal on the 31st of October.
A survey of over 1,500 companies by the leading business group - covering of all sizes and sectors of business, across the UK - found that in the event of a ‘no deal’ exit on 31st October, nearly a quarter of firms surveyed (24%) say they would revise investment plans down, while just 4% would revise up.71% of respondents did not state that they would revise investment plans.
New research from the British Chambers of Commerce shows a concerningly high number of UK firms aren’t ready for a no deal Brexit. Business has consistently called on government to avoid a messy and disorderly exit but in light of the political turmoil and relentless uncertainty, clearer and more consistent information is needed to help them prepare.
The survey of over 1,500 firms from across the country, found that in the midst of conflicting political messages over the likelihood of no deal and remaining gaps in government guidance, two-fifths (41%) of UK businesses have not done a Brexit risk assessment.
The British Chambers of Commerce has created a Business Brexit checklist to help businesses consider the changes that leaving the EU may bring to their firm.
The UK's impending departure from the European Union will bring change for businesses of every size and sector. Chambers of Commerce believe that all firms - not just those directly and immediately affected - should be undertaking a Brexit 'health check', and a broader test of existing business plans.
The British Chambers of Commerce (BCC), in partnership with independent business funder, Bibby Financial Services (BFS), has conducted one of the biggest surveys of business opinion since the referendum, amassing the views of over 2,500 firms from across the UK.
We found that nearly two-thirds of firms still aren’t preparing for Brexit – and in the event of a ‘no deal’ outcome many would cut investment and recruitment plans.
Responding to the news that fully vaccinated travellers from the EU and US will not have to quarantine, British Chambers of Commerce Co-Executive Director, Claire Walker, said: “For the hundreds of thousands of people directly employed in the travel industry and the many more that are part of supply chains, this will be welcome news."
Responding to yesterday's ONS trade statistics, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “The pandemic and the shift to new trading conditions in how UK companies sell services to the EU have led to a clear reduction in UK-EU services trade compared with 2019. Today’s ONS data release shows services trade with the EU fell at a brisker rate than trade with the rest of the world over the two years to the end of March 2021. Services exports to the EU fell by 14.7% in that period and imports by 38.8%."
While it will be a relief to some businesses in England that select critical workers can be exempt from self-isolation, it will leave many more still facing critical staff shortages and lost revenue as the number of people being asked to isolate remains high.