Businesses must actively prepare for worst case Brexit scenario

Following today’s (9 July 2019) publication of the revised Brexit contingency action plan from the Irish Government, Ian Talbot, Chambers Ireland Chief Executive urges businesses to comprehensively review this latest Brexit resource and to continue to prepare for a highly possible ‘no-deal’ outcome this October.

“Today’s revised contingency action plan is being published as a result of the lack of action being taken, or likely to be taken in the next few weeks, in Westminster to remove the threat of a disruptive and damaging ‘no-deal’ scenario for the UK’s departure from the EU, as we move closer to the end of October deadline.

The threat of a ‘no-deal’ scenario remains a dire prospect for which businesses in Ireland need to consciously prepare.

Businesses must continue to examine and strengthen their existing models of operation against the possible impacts of a ‘no-deal’ scenario and make use of every opportunity and resource which is available. This includes registering for an EORI number, reviewing supply chains and seeking specialised customs advice.

While there continues to be a strong focus on our exporters, businesses involved in importing, or dependent on imports, must also consider their exposure to ‘no-deal’ threats and the additional tariffs, delays and administrative costs of the UK operating under WTO rules for trade.

As illogical as a ‘no-deal’ situation appears, it simply must be taken as a credible prospect and preparations for its economic shock to Ireland’s businesses and all-island economy must be prepared for.”

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