According to the latest research, one in eight businesses feel prepared for the UK to leave the European Union (EU) after the transition period comes to an end in December.
Alok Sharma, Secretary of State for Business, Energy and Industrial Strategy wrote to 600,000 UK businesses urging them to “act now” by preparing their operations for Brexit, explaining that there is “no time to waste”.
He also stated there will be “no extension” to the transition period that has maintained trade relations between Britain and the EU, despite the impact of the coronavirus pandemic.
The latest data has revealed that the coronavirus pandemic has altered Brexit preparations for most businesses, with just 17 per cent saying that COVID-19 hasn’t had an impact.
Additionally, only 29 per cent of UK and worldwide organisations feel as though they have a “good understanding” of what the end of the year will mean for their business.
Just 36 per cent of companies have only a “moderate” idea of how the changes can implicate their organisation, while 36 per cent stated their understanding was merely “poor”.
There has been some business opposition to Alok Sharma’s letter, with business leaders stating that the business landscape has been altered in the past few months with the impact of the coronavirus pandemic being felt by many.
The Prime Minister, Boris Johnson, is aiming to agree a trade deal by Thursday 15 October, with the EU set to hold its summit in Brussels, while the UK is also expected to sign a post-Brexit trade deal with Japan next week.