26 Oct 2020 -
 General

Only 10% of business has adequate Brexit plan, reveals EY poll

Only one in nine businesses have a good understanding of the risks of not being prepared for Brexit and have mitigations in place, according to a poll of more than 2000 businesses by market researchers, EY.COM

In addition:

  • One in four have a poor understanding and have made little attempt to plan to mitigate risks
  • Businesses overlooking importance of regulatory and legal risks post Brexit.

Sally Jones, EY’s Brexit Strategy and Trade Leader, commented: “Whether businesses’ lack of Brexit preparedness is a result of crisis fatigue, inertia, too little information, or complacency, the results are really concerning. With under 100 days to go until the UK leaves the EU there is little time to focus efforts and resource on the parts of their operations that are business critical.

“One of the reasons behind the lack of understanding of the risks could be the international nature of those businesses polled, with some of the respondents being UK subsidiaries with HQs located overseas. Businesses with executive boards who sit in overseas locations might not have the same knowledge and understanding of the potential damage that Brexit could have on their organisations if they fail to prepare.”

The article on EY.COM says, “Faced with a once in a generation crisis, it is understandable that businesses have refocused their efforts away from Brexit to navigating and surviving the COVID-19 pandemic. Over 55% of respondents said that COVID-19 had impacted their Brexit preparations in some way.”

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Either through the hundreds of manufacturers we purchase directly from, or the international network of component supply-partners offering full product traceability, Astute Safe-Supply, run by sourcing experts and offers a deeper insight into the global components markets.

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