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Brexit

Study finds businesses woefully ill prepared for Brexit consequences

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By John Glenday, Reporter

May 9, 2016 | 2 min read

A study of businesses preparedness for a potential Brexit vote in just six weeks’ time has found that barely a quarter of managers in Britain, France and Germany had put in place concrete plans for how they would operate in the new landscape.

Moreover 53 per cent of those quizzed by law firm Pinsent Masons admitted that the subject hadn’t even been raised at board level although financial service providers were better prepared than most, with 58 per cent in this sector having held high-level discussions and 51 per cent drafting a response plan.

Guy Lougher, partner and head of the Brexit advisory team at Pinsent Masons, commented: “The uncertainties in a Brexit scenario are so great that there may be a temptation to do nothing until the referendum result emerges. However, our advice to businesses is to start taking steps now.

"While one cannot protect against all risks, it is possible to identify the risk areas and start thinking about how these could be mitigated."

For those who have yet to take any pre-emptive measures Lougher recommends conducting an assessment of all aspects of operations which could be impacted by the vote, confirm where data is held and investigate the possibility of relocating operations.

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