Brexit Preparations Gone Backwards for Many Companies, Says CBI Boss

Written by: Keith Tully

European and British flagPreparations for Brexit have gone backwards for a significant number of companies across the country, according to Dame Carolyn Fairbairn, director general of the Confederation of British Industry (CBI).

Speaking to Sky TV’s ‘Ian King Live’ programme, Dame Carolyn explained that while Brexit remains a key issue for UK businesses it has been comprehensively overshadowed over the course of 2020 by the ongoing Covid-19 pandemic.

Companies are still aiming to do “as much as they can” in preparation for Brexit but close to half of them have “gone backwards in their preparations,” she said.

“Brexit was knocked off the front page of every board agenda in the country, so we can’t expect businesses to be fully prepared and I think frankly the same is true of government,” she said.

The UK is currently in a phase of transitioning out of the European Union and is due to officially leave at the end of 2020.

However, the terms on which Britain leaves the EU are yet to be fully agreed between the two relevant parties involved in negotiations between politicians and diplomats in London and Brussels.

For businesses, the lack of a complete agreement makes it more difficult to plan for new trading dynamics and different tax-related responsibilities.

There are also some concerns that the UK might yet leave the EU at the end of the year without having agreed a deal on the terms of its departure.

Dame Carolyn has insisted that there is a “massive responsibility” on negotiators on both sides of the Channel to strike a deal and to avoid a No Deal Brexit situation which the CBI has long been warning could be hugely damaging for businesses across the country.

Despite the uncertainty around how exactly the UK will leave the EU at the end of the year, the government and HMRC have been warning companies to ready themselves for incoming rule changes.

HMRC is writing to over 200,000 businesses that trade with the EU to let them know about changes to rules around customs and taxation.

Meanwhile, Michael Gove, chancellor of the Duchy of Lancaster, told Sky News recently: “Make no mistake, there are changes coming in just 75 days and time is running out for businesses to act.”

Keith Tully

Keith Tully

Join Keith Tully on Linked In Follow Keith Tully on Twitter

Keith has been involved in Business Rescue since 1992, during which time he’s worked for both independent and national firms. His specialties include company restructuring matters and negotiating with HMRC on his clients behalf.

Meet our Team of Experts
Director Support - Business suffering from Cash-Flow Problems?
If your company is financially distressed, we also offer the below services:
Business debt recovery

  • Recover Unpaid Invoices of £5k+
  • Expert Credit Control Services
  • Stop Late Payers & Bad Debts
Visit Site
Time to pay experts

  • Get Breathing Space with HMRC
  • Support with Business Tax Arrears
  • 35 Years HMRC Negotiation
Visit Site
UK Business Finance

  • Rejected for a CBILS Loan?
  • Get Emergency Business Funding
  • Supporting 1000+ UK Companies
Visit Site
Who we help
  • Company Directors
  • Finance Directors
  • Sole Traders
  • Accountants
  • Small Businesses
  • Large Businesses
  • Partnerships
Contact our team
Jonathan Munnery
Gillian Sayburn
Julie Palmer
or Find your Nearest Office

Here at Real Business Rescue we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See PRIVACY POLICY

Business Rescue Advice for Directors
Free Guide for Limited Company Directors
Business Rescue Advice for Directors
  • How to manage company cash flow problems
  • Advice on dealing with HMRC
  • Understanding rescue and closure options
  • And much more...
Free Guide Download
Dealing with your Insolvent Clients
Business Rescue Guide for Accountants
Dealing with your Insolvent Clients
  • Helping you advise insolvent clients
  • Spotting signs of client distress
  • Exploring business rescue options
  • And much more...
Free Guide Download
Our numbers speak for themselves
Number of UK Offices
Directors Helped
Licensed Insolvency Practitioners

This site uses cookies to monitor site performance and provide a more responsive and personalised experience. You must agree to our use of certain cookies. For more information on how we use and manage cookies please read our PRIVACY POLICY