Only one in four companies are prepared for Britain’s full departure from the
European Union in five months time, company directors have warned.
Manufacturing firms in particular are unlikely to be ready for the end of the transition period with a lack of clarity on rule changes a bigger impediment to Brexit preparation than the need to focus on the coronavirus pandemic, according to research from the
Institute of Directors.
Almost half of 1,000 company directors polled by the IoD said they were unable to prepare now for the changes needed from 31 December, with almost one in three saying they could only make adjustments once the details were clear.
A clear majority, 69% of directors, said that
securing a trade deal, rather than crashing out of Europe on World Trade Organization (WTO) terms, was important for their own company. Even among directors who saw positives in divergence from EU rules, seven in 10 said a deal would be important to the economy.