News | Legal News

25 June 2019

Around 150,000 businesses are not fully prepared for a ‘no deal’ Brexit

Bank of England governor, Mark Carney, has said in a BBC interview that around 150,000 businesses in the UK still do not have the paperwork necessary to export to the EU if there is a no-deal Brexit.

The UK is due to leave the EU by 31 October and Boris Johnson, who is currently the front-runner to win the Conservative party leadership contest and become the next prime minister, has said that he will stick to this date, even if the UK has not agreed a deal.

Mr Carney said about 75 per cent of UK businesses have done as much as they could do to prepare for a no-deal.

"But it doesn't mean they are fully ready, in fact far from it," he said.

Carney also explained that if there was a no-deal Brexit, the return of trade tariffs on exports despatched to the EU would be "automatic."

“We should be clear that not having an agreement with the European Union would mean that there are tariffs, automatically, because the Europeans have to apply the same rules to us as they apply to everyone else."

Victoria Holland, corporate and commercial partner who heads up B P Collins’ Brexit team adds:

“We are here to answer legal and practical questions you might have as you try to prepare your business ahead of the 31 October deadline. There isn’t much time left, so please get in touch sooner rather than later.”

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