Last night, Parliament rejected Mrs May's withdrawal agreement by 230 votes. An historic defeat which could mean the "deal is dead”. March 29 2019 is getting closer and we are still none the wiser as to the type of Brexit we may end up with. The possible outcomes have actually widened considerably.
No one can second guess what happens next, even if the government retains the confidence of MPs in the motion of no confidence being held today. Businesses still do not have the certainty they crave, and that continues to translate into risk for them - as well as stifling investment.
So what does the result of the ‘meaningful vote’ mean for business? While the politicians negotiate, posture and position, businesses should assess, plan and prepare. This should include preparing for the possibility of a no-deal Brexit.
Our recent survey of over 300 businesses with business publication, Insider, revealed that only 26.7 percent of businesses have a no-deal contingency plan and 58 percent have taken no active steps to prepare for Brexit at all.
But how should a business plan for Brexit? Our recent article explains some basic steps that any business should be considering in order to get Brexit-ready, and another the impact of no-deal. Businesses should be keeping updated on developments so that they can plan for the best and worst eventualities (and everything in between). Reaching out to your trusted advisors will help you ensure you’ve covered all bases.
Keep up to date with what Brexit means for your business by visiting Thrings’ Business of Brexit pages or contacting Kate Westbrook, Commercial Contracts Partner at Thrings.
