IoD member survey finds that businesses are struggling to prepare for a no-deal Brexit
- Published: Tuesday, 13 August 2019 07:11
The odds of the UK leaving the European Union on 31st October without a deal seem to be increasing, but an Institute of Directors study has found that half of businesses surveyed say that they ‘cannot be fully prepared’.
The survey, which was conducted in July 2019 and received 952 responses, shows that just 15 percent believe their business is ‘fully prepared’ for a no-deal Brexit. 53 percent said they had done ‘as much preparation as we can, but cannot be fully prepared’.
Edwin Morgan, Interim Director General of the IoD, said “We can definitely be more prepared than we are and [companies] absolutely should be doing that. But I wouldn’t want to overstate how much we can be prepared”.
Edwin also explained that government-issued guidance released thus far has been deemed ‘not very helpful’ or ‘not helpful at all’ by 42 percent of company directors. The technical notices, for example, are ‘too technical, too jargonistic’ for businesses to follow.