Only 24 percent of U.K. business leaders believe that their businesses are fully ready for the end of the Brexit transition period, which concludes on Dec. 31, according to a survey by the Institute of Directors (IoD).
According to the survey, 19 percent of respondents said that they are “somewhat prepared but intend to do more,” 14 percent cannot focus on Brexit due to the impact of coronavirus, 31 percent will adjust once final changes are clear regarding the terms of Brexit and 11 percent do not expect Brexit to impact their business.
“With so much going on, many directors feel that preparing for Brexit proper is like trying to hit a moving target. Jumping immediately into whatever comes next would be a nightmare for many businesses,” said Jonathan Geldart, director general of the IoD.
The survey involved 978 company director polled between June 12 and 29. It showed that companies in the financial sector were most likely to be ready while manufacturers in particular had more to do.
The majority of respondents, 69 percent, indicated that the U.K. reaching a deal with the European Union on their future trade relations was important for their organization, with even more, 89 percent, saying it was important for the British economy.
To minimize disruption in the context of coronavirus, the IoD also reiterated its call for financial support for small firms to access specialist help and advice on a range of Brexit-related matters, such as tax credits or “Brexit vouchers.”
On Sunday, Michael Gove, member the British cabinet, said that progress was being made in talks with the EU, but there were still divisions. Today, the government launched a public information campaign to prepare the country for its departure from the EU.