How to Prepare if the UK Leaves the EU with No Deal
The UK government has issued guidance for businesses on how to prepare in the event that no Brexit agreement is reached with the European Union. The guidance covers how a 'no deal' scenario will impact financial services, insurance, tax, international trade and workplace rights. For more information and to see the full list please visit the government's website.
Importing and exporting
Money and tax
What should I be doing now?
The majority of businesses operating with or in the UK should have already begun:
- Reviewing and identifying aspects of the business that rely on, or assume the applicability of, pan-EU arrangements such as EU rules of origin and customs procedures, passporting for financial services, EU-wide medicine licenses, etc.
- Understanding the actual (or likely) position of the UK, the EU Governments and EU institutions on the contents of the exit agreement, as well as the ambitions for the future UK-EU trading relationship.
- Establishing what the UK's baseline obligations in the WTO and other international bodies means for your business.
- Identifying EU laws which currently impact both your operations and that of your wider industry.
- Identifying the nature and extent of interaction with pan-EU agencies.
- Considering a government relations strategy (whether directly or through an industry group). Identify key proposals or considerations. Make these reasoned, evidence-based, granular and ambitious, while taking account of political realities.
- Respond to government consultations.
- Considering the impact on your supply chains and customer base.
- Looking at the nuts and bolts of your business including your data protection obligations; contractual terms; employment rights; intellectual property plans; and ongoing litigation.