We’ve been writing blogs about it for the past year, but the likelihood of a no-deal Brexit just became very real. The government themselves have announced that if you aren’t planning for it, you definitely should be.
Planning For No-Deal Must Be A Priority For Your Business
The Brexit Secretary announced that with just 100 days left of the Brexit countdown, the government were going to start urging businesses to prepare accordingly.
The Secretary claimed that the government’s priority remains to secure a deal, but with just 14 weeks to go until the deadline, they will increase the amount of resources available for a no deal Brexit.
Businesses should now plan in the event that no-deal were to occur.
The Government Are Putting The Money Where Their Mouth Is
If that wasn’t enough, the government have set aside £2 billion in case there is no-deal agreed upon by 29th March.
That seems extremely likely – with Parliament currently at loggerheads about the deal, it seems even more difficult knowing that a different deal would need to be approved by the EU Parliament.
Everyone Is At Risk
This warning is not just for companies that trade across Europe, but also for every business here in the UK.
In the event of a no-deal Brexit, lots will change. Most importantly, the pound is expected to crash, which will affect the economy in many ways. One of the most notable outcomes would be a lengthy recession.
Even though it sounds like a difficult task, ensure that you are planning financially for however long the country may be in a recession for.
Will A No-Deal Happen?
Labour have said that they will work with other parties to stop a No-deal Brexit, and that spending billions of taxpayers money to prepare for this.
Sir Vince Cable of the Lib Dems has said that the Government was attempting to scare MP’s, businesses and the public with a threat of a no-deal in the hope that people will support her deal with their backs against the wall.
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