7th Dec, 2019

Companies warned to take Brexit action now

Andy Morris 10th Sep, 2019

COMPANIES across Coventry and Warwickshire are being warned to take urgent action now to prepare for Brexit.

The Coventry and Warwickshire Chamber of Commerce says uncertainty around the UK leaving the EU has caused many firms to put off vital preparations.

The regional Chamber, in conjunction with fellow chambers across the UK, carried out a survey among companies to find out what action had been taken.

And 50 per cent of companies across the West Midlands said they were yet to carry out a risk assessment on the impact Brexit would have on their business – despite the potential exit date being less than two months away.

The Chamber is urging companies to do everything they could to be ready.

Louise Bennett, chief executive of the Coventry and Warwickshire Chamber of Commerce, said: “Around 47 per cent of the companies surveyed in our region said they had carried out a risk assessment, which is relatively high compared to the national average.

“However, to have half the firms on our patch still saying they’ve done no form of preparation is a major concern.”

She said current uncertainty around Brexit had convinced some companies to wait and see – but should make what preparations they can as a matter of urgency.

More than a quarter of companies said they would revise recruitment plans should the UK leave without a deal, while 36 per cent said they would revise investment plans.

And 17 per cent said they planned to move some or all of their business overseas in the event of no deal.

Ms Bennett said there were schemes available that could help firms who trade overseas to be better prepared for October 31, whatever the final outcome.

Visit www.cw-chamber.co.uk for more of the Chamber’s Brexit advice.

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