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06 Aug 2018
The Institute of Directors (IoD) has stated that UK businesses have been ‘left in the dark’ in regard to the government’s Brexit plans.
An IoD survey of 800 business leaders revealed that less than a third of firms have conducted Brexit contingency planning.
According to the survey, half of businesses do not intend to create contingency plans.
A fifth of firms, however, do intend to create Brexit plans, but three quarters are waiting for ‘more clarity’ in regard to the future relationship between the UK and the EU.
The survey also suggested that only one in ten businesses are currently seriously considering relocating to the EU. The IoD warned that this could rise to one in five, depending on the outcome of the government’s Brexit negotiations.
‘Many companies are still unprepared for Brexit, and it’s hard to blame them,’ said Stephen Martin, Director General of the IoD.
‘When it comes to knowing what to plan for and when, firms have been left in the dark. As long as no-deal remains a possibility, it is essential that the government steps up to the plate and provides advice on preparing for such an outcome.’
The IoD has urged the government to ‘speed up’ its publication of its no-deal Brexit guidance for UK firms.