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Neither the UK nor the EU is ready for a no-deal Brexit, Britain\u2019s largest business group has warned in a new report.<\/p>\nNeither the UK nor the EU is ready for a no-deal Brexit, Britain\u2019s largest business group has warned in a new report.<\/p>\n
At least 50 trade associations and thousands of companies from all areas of the UK\u2019s economy were consulted to deliver 200 recommendations in the report by the Confederation of British Industry (CBI).<\/p>\n
The group welcomed Britain\u2019s preparations for Brexit, but said that the \u201cunprecedented nature\u201d of exiting the bloc meant \u201csome aspects cannot be mitigated\u201d.<\/p>\n
A Government spokesman noted that \u201ccrucially\u201d the CBI had observed \u201cthat the UK is ahead of the EU in planning for no-deal\u201d.<\/p>\n
The CBI said: \u201cThe EU lags behind the UK in seeking to prevent the worst effects of a no-deal scenario.<\/p>\n
\u201cAnd although businesses have already spent billions on contingency planning for no-deal, they remain hampered by unclear advice, timelines, cost and complexity.\u201d<\/p>\n
The report \u2013 titled What Comes Next? The Business Analysis Of No Deal Preparations \u2013 added: \u201cLarger companies, particularly those in regulated areas such as financial services, have well-thought-through contingency plans in place, though smaller firms are less well prepared.\u201d<\/p>\n
In late May, the CBI warned against a no-deal Brexit, with its director-general Carolyn Fairbairn saying it should be an option \u201cthat is not even considered\u201d.<\/p>\n
In its latest report, the confederation advised the Government to undertake a review and to update all technical notices and Brexit preparation advice by the middle of August.<\/p>\n
The CBI also recommended business engagement meetings with the EU resume and additional parliamentary time be set aside to complete no-deal legislation by the end of August.<\/p>\n
A communications campaign with \u201csimple and clear advice\u201d for UK firms would need to be launched by the beginning of September, while by the start of the next month the Government would need to publish its \u201ccrucial preparedness measures\u201d, it said.<\/p>\n
The CBI said trials of Britain\u2019s crucial IT systems would need to be scaled up by the middle of October.<\/p>\n
The confederation also recommended that the EU begin drafting communications and devising temporary measures in the event of a no-deal Brexit.<\/p>\n
The CBI\u2019s head of EU negotiations Nicole Sykes said \u201ca lot needs to be done, by everyone\u201d.<\/p>\n
But she warned in a series of tweets that even with more preparations, there would still be adverse effects from a no deal Brexit.<\/p>\n
\u201cWould it make a difference? Yes. And we should do what we can.<\/p>\n
\u201cBut it\u2019s like putting sandbags down for a flood. Your kitchen\u2019s still going to be underwater but MAYBE we can save the bedrooms upstairs.\u201d<\/p>\n
The Government spokesman described the CBI report as a \u201cconstructive contribution\u201d.<\/p>\n
He said: \u201cWhile we have done more to prepare than this report implies, since the new British Prime Minister was appointed the Government has stepped up the pace of planning for no-deal.<\/p>\n
\u201cThe Chancellor has confirmed all necessary funding will be made available for vital no-deal preparations. This includes funding for a major nationwide communications campaign to ensure that people and businesses are ready.<\/p>\n
\u201cCrucially, while there is more to do, the CBI observes that the UK is ahead of the EU in planning for no-deal.\u201d<\/p>\n