Brexit becoming too big for cross-border businesses to ignore

Wednesday August 28th, 2019

New research commissioned by InterTradeIreland underlines that while Brexit is looming large in the background for businesses, most firms are opting to pay no attention to its potential impact.UK Public Contracts Regulations 2015

The startling figures from InterTradeIreland’s fresh survey reveal just six per cent of cross-border traders are prepared for cash flow and liquidity issues in the event of a no-deal Brexit.

Only the same worryingly small amount (six per cent) have examined the possible legal implications on business contracts if the United Kingdom leaves the EU. The consequences if market access changes, mean businesses could be exposed to significant additional costs, unless they take steps to protect themselves now.

Coming as InterTradeIreland launches a new campaign to encourage cross-border traders to plan for Brexit, the research underlines the need to companies to start acting now.

The new research also shows continuity of supply is an additional problem that could hinder cross-border businesses and the ability to trade, but only less than one in ten have taken steps to interrogate their supply chain.

Tariffs are a further issue that could strike at the very viability of SMEs in the event of a hard Brexit. InterTradeIreland’s latest Business Monitor highlighted that just 12 per cent of SMEs that trade across the border have looked at the possible impact of extra taxes on their business.

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