A new survey of businesses conducted by Ernst and Young (EY) reveals that the majority of them have not been preparing for the exit of the UK from the EU, with less than a month until this happens.
EY spoke to more than 1,700 firms of all sizes located both internationally and within the UK for the survey, which found that four in five were unprepared for Brexit due to not being fully aware of what the potential business risks are. The survey was intended to ascertain what companies expect the effects of Brexit to be for them, and what – if any – contingency plans they have put in place for it.
One out of every five of the companies that took part told EY that they are aware of the possible pitfalls and have planned in advance for them. This represents an improvement on a similar survey carried out during September, when just one out of every nine had prepared.
However, as EY pointed out, it still means that four in five are not properly prepared. 36% of respondents described their grasp of the potential problems as moderate, while 17% said it was poor and 40% expect to continue as normal once the initial break happens.
Sally Jones from EY told Accountancy Daily that firms underestimating the changes Brexit may bring could find themselves regretting it. Contacting a business accountant in South Yorkshire or whichever area they are headquartered in is a practical step such businesses can take.