Research published yesterday by the British Chambers of Commerce found that in a survey of over 1,500 companies across the UK – nearly a quarter of firms (24%) say that in the event of a ‘no deal’ exit on 31st October they would revise investment plans down, while just 4% would revise up. 71% of respondents did not state that they would revise investment plans. Larger businesses surveyed (firms with more than 50 employees) were more likely to report that they will revise investment (33%) and recruitment (31%) plans downwards in a ‘no deal’ scenario. 5% of surveyed businesses reported they would revise investment and recruitment upwards, respectively. Additionally, nearly one in five firms surveyed (18%) said they planned to move some or all of their business overseas in a no-deal scenario, signalling the possibility of a significant movement of operations by some firms away from the UK.
This news may be disconcerting for some businesses, but with less than 50 days to go before 31 October our aim is to help you to carry on trading successfully whatever the final outcome.
We’re hosting a number of Brexit workshops across the region to help businesses to learn and upskill their workforces to trade successfully across borders and how to get “Brexit” ready. We’re also hosting a number of training sessions which focus on specific areas of international trade. Click here for our list of workshops and training sessions.
Our dedicated Brexit advice website ‘bresilience.com’ provides companies with information, resources and a detailed checklist to help businesses to understand the issues surrounding international trade after Brexit. It’s also a resource containing the latest news and details on how we can help you plan your international business needs post-Brexit, at both the operational and boardroom levels.
If your business employs EU nationals and you’d like HR advice on how a no-deal Brexit will affect employment contracts you can also contact the Chamber to speak to our Growth Hub HR advisor.
For any other queries on Brexit, please contact the Chamber’s International Trade Team on 01782 202222.
The government has also devised a useful checklist for you to complete to check that your business is Brexit ready. Click here for the checklist.