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Jul 15, 2020 at 7:01 AMAround three out of four British companies are prepared for Brexit. There is great fear of the end of the transition period on December 31. Uncertainty about new rules is being criticized. The industry hopes for a trade agreement with the EU.
By Pressetext.de
(London) Three out of four British companies are not ready for the final Brexit at the end of 2020. In particular, the manufacturing industry fears the changes that will come with the end of the transition period on December 31. Many executives criticize the government’s uncertainty about new rules, as a survey by the Institute of Directors http://iod.com shows.
“Nightmare for businesses”
“So much is happening right now, and preparing for Brexit feels for many executives like trying to hit a moving target. Jumping straight into whatever comes next could become a nightmare for numerous companies,” warns Jonathan Geldart, Director General of the Institute of Directors.
The analysts conducted the survey among 978 company leaders. Three-quarters of the respondents feel unprepared for Brexit. A clear trade deal with the EU is not only vital for the majority of organizations (69 percent) but also, according to 89 percent of the survey participants, for the entire British economy.
Seamless Brexit fatal
Even among those who were previously pleased about the exemption from EU rules, 71 percent are in favor of a trade agreement. The Institute of Directors sees a seamless exit as fatal. Rather, Brexit should continue to proceed in phases. The British government should provide companies with more clarity and especially support small businesses financially during the transition period.
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