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Survey: COVID-19 Has Hampered UK Business Brexit Readiness

August 4, 2020 Leave a comment DRI Admin

UK business leaders continue to struggle with preparations for Brexit before the end of the transition period, both because of confusion over changes, and the added challenge of the coronavirus pandemic.

Only 24% of UK business leaders believe their organizations are completely ready for the end of the Brexit transition period ending Dec. 31, 2020, according to a survey of 978 company directors by the Institute of Directors (IoD). One in seven said they were distracted by COVID-19, while nearly a third say they need clearer details of any changes in order to properly prepare.

The financial sector seems most likely to be ready, while manufacturers have more to do. The services sector specifically said the current pressures of the pandemic were keeping them from focusing on readiness.

No matter the sector, the majority of directors (69%) said a UK-EU deal was important for their organization, and a full 89% said it was important for recovering the economy.

To minimize COVID-19 disruption, the IoD has called for financial support for small firms to access specialist help and advice on a range of Brexit impact areas, in the form of tax credits or vouchers, as other EU countries have.