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05/08/2019
Concern As Only 11% Of Firms Prepare For No-Deal Brexit
An all-island business survey has found that only 11% of responding firms across Northern Ireland and Ireland have made any preparations for a no-deal Brexit.
InterTradeIreland's Designated Officer and Director of Strategy and Policy Aidan Gough has expressed worry at the disparity between businesses recognising Brexit as the key issue facing them, and the number of firms actually preparing for it.
The Business Monitor survey is based on the views of more than 750 business managers across the island.
45% of firms overall, and almost 60% of all manufacturing firms, recorded Brexit as the key issue they face. In terms of putting plans in place for a no-deal scenario, bigger firms with more capacity appear better prepared, with 35% making contingency plans. On the other hand, only one in ten micro businesses have made progress.
The UK's exit from the EU remains set to take place on or before the 31 October, with Prime Minister Boris Johnson pledging to finalise Brexit with or without a deal.
Tellingly, 82% of cross-border traders, who are most exposed in the event of a no-deal, have not prepared for that outcome. Indeed, only 14% of businesses trading cross-border have examined the impact of customs, while just 12% have looked at the effect of tariffs.
The lack of firms making preparations for a no-deal comes despite a range of support services. Mr Gough commented: "While we appreciate the uncertainty facing businesses and the constant challenge to win new and service existing orders, we nevertheless implore firms, particularly those that trade across the border, to make themselves aware of the issues that Brexit could pose for their operations and to explore mitigating options."
InterTradeIreland offers on-line Brexit learning resources and funding of up to £4,500/ €5,000 to help with expert advice. Firms are advised not to leave it until the last minute. Mr Gough continued: "There are lots of small steps that businesses can begin to take now to prepare, whatever the outcome. It doesn't have to be onerous. Planning is never wasted and is much preferable to panic if left undone.
"While Brexit remains the overwhelming issue facing businesses, particularly small businesses, there is concern that failure to remove the uncertainty is exposing businesses to more problems in the longer term. As the pace of technological change advances at a rate that leads many commentators to refer to a new industrial revolution (Industry 4.0), the latest Business Monitor finds only around a fifth of businesses on the island have heard of the fourth industrial revolution, with even less being aware of its possible implications which for many industries and businesses could be profound."
(JG/CM)
InterTradeIreland's Designated Officer and Director of Strategy and Policy Aidan Gough has expressed worry at the disparity between businesses recognising Brexit as the key issue facing them, and the number of firms actually preparing for it.
The Business Monitor survey is based on the views of more than 750 business managers across the island.
45% of firms overall, and almost 60% of all manufacturing firms, recorded Brexit as the key issue they face. In terms of putting plans in place for a no-deal scenario, bigger firms with more capacity appear better prepared, with 35% making contingency plans. On the other hand, only one in ten micro businesses have made progress.
The UK's exit from the EU remains set to take place on or before the 31 October, with Prime Minister Boris Johnson pledging to finalise Brexit with or without a deal.
Tellingly, 82% of cross-border traders, who are most exposed in the event of a no-deal, have not prepared for that outcome. Indeed, only 14% of businesses trading cross-border have examined the impact of customs, while just 12% have looked at the effect of tariffs.
The lack of firms making preparations for a no-deal comes despite a range of support services. Mr Gough commented: "While we appreciate the uncertainty facing businesses and the constant challenge to win new and service existing orders, we nevertheless implore firms, particularly those that trade across the border, to make themselves aware of the issues that Brexit could pose for their operations and to explore mitigating options."
InterTradeIreland offers on-line Brexit learning resources and funding of up to £4,500/ €5,000 to help with expert advice. Firms are advised not to leave it until the last minute. Mr Gough continued: "There are lots of small steps that businesses can begin to take now to prepare, whatever the outcome. It doesn't have to be onerous. Planning is never wasted and is much preferable to panic if left undone.
"While Brexit remains the overwhelming issue facing businesses, particularly small businesses, there is concern that failure to remove the uncertainty is exposing businesses to more problems in the longer term. As the pace of technological change advances at a rate that leads many commentators to refer to a new industrial revolution (Industry 4.0), the latest Business Monitor finds only around a fifth of businesses on the island have heard of the fourth industrial revolution, with even less being aware of its possible implications which for many industries and businesses could be profound."
(JG/CM)
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