Time is running short! The UK is due to leave the European Union at 11pm UK time on Friday 29th March 2019 unless it decides to unilaterally cancel Brexit by withdrawing its “Article 50” notification. If the exit occurs with a deal, after 29th March 2019 there will be a transition period. The transition period is currently up until 31st December 2020, but this could be extended.
A “no deal” means that the UK would have failed to agree a withdrawal agreement with the EU. Failure to agree a withdrawal agreement would also mean that there will be no transition period after 29 March 2019, and EU laws would stop applying to the UK with immediate effect.
Deal or no Deal, the pace of preparations among businesses for a post-Brexit future needs to be stepped up.
An online survey conducted by PwC’s My Finance partner (MFp) found that Germany would be the top priority EU market for 67% of SMEs with France and Ireland the next preferred export markets.
Further, over the next 12 months, half of SMEs will continue with planned capital Investment but a fifth of businesses will put their recruitment plans on hold.
Tony Price, PwC UK Partner and My Finance partner leader says that many business have plans in place to grow their business and take advantage of the opportunities that leaving the EU will bring.
However, the lack of knowledge on strategy, pricing and management information will not help SMEs make decisions that are right for their business.
If you haven’t started planning yet, start planning now! There are opportunities for businesses post-Brexit. Sit down and review your strategy, pricing and the effectiveness of your management information system. By doing so, you will ensure that your business is ready no matter what changes Brexit brings to your business.
Nazish Farooq is a Legal Assistant at Pure Business Law. She has a LLB (Hons) Law. She has recently completed the Legal Practice Course (LPC) at the University of Law. Nazish splits her time between studying and working. In her spare time she likes reading and keeping herself active.