Mixed picture of London business ‘no deal’ Brexit preparations revealed by survey

Mixed picture of London business ‘no deal’ Brexit preparations revealed by survey

Fewer than one in ten London businesses consider themselves prepared for dealing with the effects of a “no deal” Brexit, though over one third think it would not affect them, according to a new figures published by the London Chamber of Commerce and Industry.

The mixed picture emerges from a survey of over 500 companies in the capital who are members of the Chamber, conducted by pollsters ComRes.

The survey also found that 16 per cent of those asked said they intend to plan for no deal but haven’t done so yet and the same percentage anticipating being affected by no deal but not making preparations for it.

Of those that have planned for no deal or intend to, one fifth say they have cut back on investment in London and one quarter say they have done so in the United Kingdom as a whole.

The figures have been released against the backdrop of conflicting accounts of progress towards the UK and the European Union striking a deal, with the government saying talks have been making progress and the EU saying they have been “constructive” but that no firm proposals have been put forward.

Prime Minister Boris Johnson has pledged that the UK will leave the EU on 31 October, “do or die”, but parliament has passed a law requiring him to seek a further extension to 31 January 2020 unless a deal or a no-deal exit is approved by MPs by 19 October.

Responding to the ComRes survey findings, Chamber chief executive Peter Bishop highlighted that, “Over half of those who are prepared, planning or intend to plan say that not much or none of the information they need to prepare for a no deal Brexit has been accessible to them”.

He added that nearly a fifth of those surveyed said they would like help and support with planning for no-deal, and that this underlines “the immediate task at hand for the Government, as they ramp up their no deal preparation campaign”.

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