Most UK firms are still unprepared for Brexit, survey finds

(Sept 28): Most British firms are unprepared for Brexit, but a fifth plan to move all or some of their business to the European Union in the event the UK fails to reach a deal with the bloc, according to one of the biggest surveys so far on the topic.

Some 62% of companies are yet to carry out a Brexit risk assessment, according to the survey published Friday by the British Chambers of Commerce. Their poll of more than 2,500 companies also found that 21% of businesses would cut investment in the UK in the event of a no-deal Brexit.

The findings are a wake-up call for the government, underlining the lack of preparation in corporate Britain and the potential economic damage that would result from a chaotic Brexit. Prime Minister Theresa May’s proposal was rejected by European leaders last week, forcing her to come up with a new Brexit plan both the EU and the warring factions in her Conservative Party can accept.

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