- 28th February 2019
- Posted by: Suzy Hill
- Category: Business News
Government publishes ‘no deal’ Brexit impact assessment
In a new document, the government has assessed the impact of a ‘no deal’ Brexit scenario on UK businesses and trade.
According to the government, its ‘primary aim’ is to ‘ensure that the UK leaves the EU with a negotiated deal’. However, it also stated that it is planning for ‘all eventualities’, including a no deal scenario.
In its assessment, the government suggested that a no deal Brexit scenario would ‘delay goods crossing the Channel’. Potential disruption could result in ‘reduced availability and choice’ of products, according to the assessment, and customs checks could cost firms £13 billion per year.
The government also stated that there is ‘little evidence’ that UK businesses are preparing for a no deal scenario. Furthermore, the government found evidence that individuals are not sufficiently prepared for ‘the effects that they would feel’ in a no deal scenario.
Commenting on recent Brexit developments, Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said: ‘The overriding priority must be to assure businesses, employees, investors and communities that an unwanted no deal scenario will not be allowed to happen by default on 29 March.’
The government’s assessment can be read here.
HMRC Guidance – Preparing for changes at the UK border after a no deal EU exit can be read here.