Brexit: A quarter of British businesses ready for end of transition period
Less than a quarter of British business leaders are ready for the end of the Brexit transition period on 31 December, according to a new survey.
A new survey from the Institute of Directors out today showed just 24 per cent of company directors thought their businesses were “fully prepared” and 19 per cent are “somewhat prepared” for when the UK leaves the EU single market and customs union.
Fourteen per cent said they could not focus on Brexit due to the coronavirus crisis, 31 per cent said they would “adjust once final changes are clear” and 11 per cent that they didn’t expect the change would have any impact to their business.
The survey revealed that those in the financial sector were most likely to be prepared, while the manufacturing sector in particular “had more to do”.
It comes as the government will tomorrow begin a widespread advertising campaign to raise awareness about potential changes next year.
The UK is negotiating a free trade deal with the EU, however there is still a distinct chance of Britain leaving the single market and customs union without a deal at the end of the year.
Cabinet Office minister, and defacto Brexit minister, Michael Gove said last month that he was “concerned” at how few businesses were prepared for the changes Brexit would bring.
Commenting on the survey, Institute of Directors Jonathan Geldart said: “With so much going on, many directors feel that preparing for Brexit proper is like trying to hit a moving target. Jumping immediately into whatever comes next would be a nightmare for many businesses.”
Gove announced yesterday that the government would spend £700m on preparing the country’s borders for next year.
The funding is being spent on 500 new border guards, IT systems and essential infrastructure at Dover and other ports of entry as the UK prepares for the end of the post-Brexit transition period on 31 December.
The UK is set to have its border checks fully operational by next July, after the coronavirus crisis forced a six-month delay of plans.
Speaking to the BBC, Gove said: “The critical thing about our new border infrastructure is that it’s there both to allow us to trade with Europe but also to make it easier to trade with the rest of the world.”