Thursday 25 April 2019
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business-standard - 1 month ago

UK firms step up preparations for a no-deal Brexit

UK companies have ratcheted up their preparations for a disorderly no-deal Brexit as best they can over the past couple of months, the Bank of England said Thursday. With the prospect of a chaotic Brexit potentially eight days away, a survey by the central bank s agents showed that around 80 per cent of companies judged themselves ready for such a scenario, in which the country crashes out of the European Union with no deal and no transition to new trading arrangements with the bloc. That s up from around 50 per cent in an equivalent survey in January. For decades, trading with the rest of the EU has been seamless. A disorderly Brexit could see the return of tariffs and other restrictions on trade with the EU, Britain s main export destination. To prepare, some firms have moved jobs and operations to the EU to continue to benefit from its seamless trade. Many have had to learn how to file customs declarations and adjust labels on goods. Exporters of animals are learning about ...

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