30 Working Days Left To Prepare For The UK's No Deal Brexit

Companies across the UK and EU27 are realising there are now just 30 working days until the UK leaves the EU on 29 March, and starts to trade on WTO terms.If this happens, every supply chain involving a movement between the UK and EU27 will change. And many supply chains involving movements outside the EU will also change.

A large number of industries are already being impacted.

  • Scotch whisky exports to Korea worth £71m ($90m) a year, risk a 20% tariff after 29 March if the EU’s Free Trade Agreement is replaced by WTO rules. It is now too late to export by boat, causing some exporters to use expensive air freight to beat the deadline. But capacity is already almost full.
  • Many banks, insurance companies and asset managers have already moved staff from London into the EU27.They cannot risk waking up on 30 March to find they can no longer serve customers from London, because they have lost the essential EU “passport”.
  • “CE Marks” issued in the UK will no longer be valid in the EU27 after No Deal– making it difficult to sell any goods that need safety, health or environmental approval.
  • And last week, BASF’s UK MD, Richard Carter, told Ready for Brexit that for the world’s largest chemical company:

“The thought of having to re-register with a UK REACH equivalent if there is no deal and if there is no recognition equivalence is a huge concern”.

THE UK REMAINS ON COURSE TO LEAVE THE EU WITH NO DEAL ON 29 MARCH
But surely, you say, “this cannot happen”.After all the UK’s main business organisation, the Confederation of British Industry, has already warned that No Deal would create “a situation of national emergency“.

But the leading Tory Brexiters don’t believe this.Their 111 votes, combined with the 10 votes from the Democratic Unionist Party (who don’t want an Irish “backstop arrangement”), meant premier May’s Withdrawal Agreement was defeated by 230 votes last month.It would have provided a Transition Agreement until the end of 2020.

1 2 3
View single page >> |

Disclosure: I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.