CBI warns over no-deal Brexit preparations - FT
The Confederation of British Industry has warned that one-fifth of companies say planning for the end of the transition period has gone backwards.
Most companies now lack the time and resources to prepare for a no-deal EU exit, according to the CBI, with one in five saying they were less prepared for Brexit than in January due to coronavirus disruption,
the Financial Times reports.
Britain is already heading for the worst coronavirus-induced slump of any major economy. There was news today of further and even stricter shutdowns in the North.
UK Government announce major local lockdown
Fears are also rising that businesses could be slammed by the failure of trade talks with the European Union.
The CBI which represents 190,000 UK companies, has been warning for several weeks that businesses would be unable to withstand another shock after the virus shutdowns had hammered their cash reserves and left many fighting to survive.
Market implications
The UK is heading for its worst economic crash in more than 300 years.
The end of the trasition period at the end of the year could result with no trade deal with the European Union, its single biggest export market, which going to make for a winter of discontent for sterling markets.
Author
Ross J Burland
FXStreet
Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.
