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A CBI survey of 236 firms, representing 101 large companies and 135 SMEs, has found that the majority will implement contingency plans in the absence of greater certainty on Brexit by December.

Carolyn Fairbairn, CBI Director-General, warns ‘the speed of negotiations is being outpaced by the reality firms are facing on the ground’. And almost 20 percent of companies say that the point of no return for triggering their contingency plans has already passed.

Contingency plans include cutting jobs, adjusting supply chains outside the UK, stockpiling goods and relocating production and services overseas.

Key statistics from the survey include:

  • 58 percent of businesses surveyed have formulated contingency plans. 41 percent of businesses surveyed have carried out some of those contingency plans. Only 2 percent of businesses surveyed have carried out all of their contingency plans.
  • 56 percent of businesses with contingency plans intend to adjust their supply chains outside the UK, and 20 percent of those have already carried these out.
  • 44 percent of businesses with contingency plans intend to stockpile goods, 15 percent have already carried these out.
  • 30 percent of businesses with contingency plans intend to relocate production and services overseas, 9 percent have already carried these out.
  • 15 percent of companies with contingency plans intend to move jobs, 3 percent have already carried these out.

On contingency planning timelines:

  • For 19 percent of businesses surveyed, the latest date to halt further implementation of contingency plans has already passed.
  • For 15 percent of businesses surveyed, the latest date to halt further implementation of contingency plans is October 2018.
  • For 24 percent of businesses surveyed, the latest date to halt further implementation of contingency plans is November 2018.
  • For 24 percent of businesses surveyed, the latest date to halt further implementation of contingency plans is December 2018.

The survey was carried out between 19th September and 8th October.

‘Large companies’ denotes those with more than 500 employees. ‘SMEs’ denotes those with 1-500 employees.

www.cbi.org.uk


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