London may break trade relations with EU: 75% of British business are not ready for this

Most of all, the financial sector is ready for the harsh end of the transition. The worst to survive British production.

London may break trade relations with EU: 75% of British business are not ready for this

This is evidenced by the results of a survey conducted among the leaders of 978 companies, cited by the Bloomberg agency.

According to the results of the study, it was found that only a quarter of all enterprises are prepared for the fact that negotiations between the UK and the European Union will fail. Almost 50% of respondents admitted that they did not even have the opportunity to prepare for the “tough” Brexit. One in seven said that he could not devote enough time to this, as their companies were forced to cope with the consequences of the coronavirus pandemic. About a third of respondents said that in order to take some measures, they need more clarity in the upcoming changes.

It also became clear that the financial sector is most prepared for the failure of negotiations, and the production sector is least of all.
69% of respondents said that the conclusion of the transaction is important for their organizations, 89% emphasized its importance for the economy as a whole. Even among directors who are against EU standards, 71% said the deal is important to the economy.

“With so many events, many directors feel that preparing for Brexit is like trying to hit a moving target,” said Institute Director Jonathan Geldart. “Immediately moving on to what comes next will be a nightmare for many companies.”

As News Front previously reported, relations between the United Kingdom and the European Union are currently governed by transitional norms.

In fact, cooperation remains on the terms preceding Brexit, however, the transition period expires already in 2020. Until then, the parties must come to a long-term agreement. If this does not happen, Britain will leave the EU without a deal, which will hit its economy.

At the moment, the parties cannot agree on a number of points. In particular, controversy continues around Brussels’ demand for European fishermen access to British waters.