Mark Carney, the Bank of England Chief, has said that less than half of businesses in the UK have started their contingency plans for a no-deal Brexit adding that:
“The core of this financial system is ready, the Bank of England is ready, for whatever form of Brexit this country chooses to take .[But]…“less than half of the businesses in this country have initiated their contingency plans for a no-deal Brexit.”
Carney also commented on the transition, “It is in the interests of the country to have some time to transition to whatever relationship it is.” He recommended that between 18 months to two years should be appropriate to get businesses and infrastructure ready.
Mark Carney’s remarks come on the back of Theresa May’s comments to MPs this week, where she stated that no-deal Brexit preparations will be escalated if they defeat her deal in the House of Commons.
She said: “Obviously we have been doing no deal planning as a Government. We have made certain information available to businesses.”
“There is still a great deal of uncertainty around how MPs will vote on the withdrawal agreement on 11 December, so a contingency plan to protect your business in the event of a no deal Brexit makes complete commercial sense.
“Whether it’s contract creation or amendments, recruitment or retention of staff or property concerns, our Brexit team can assist.”