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17 January 2019

Grant Thornton St Albans Response To Last Night's Brexit Vote

Following the Brexit vote in the Commons last night, Fiona Baldwin, practice leader at Financial and Business Advisers Grant Thornton St Albans, said:

"With just ten weeks to go before Brexit day, uncertainty remains the only certainty as we still have no agreement on what Brexit will be. We are living through a period of greater political volatility than at any time in the last forty years, with the UK standing on the threshold of a huge social and economic change; but we still do not know exactly what form that could take, how fast it could happen and how big a change it may be. The possible outcomes are actually widening not narrowing the nearer we get to Brexit day.

"But the default remains a 'No Deal' Brexit. Unless MPs can agree on something (and the EU agrees too), then we will leave the EU on 29 March with No Deal and we are currently headed straight for this scenario; a majority of MPs will have to change course to divert us from this destination. Business should not wait for the politicians to reach an agreement. By the time this political deadlock breaks, it will be too late to make contingency plans for 29 March.

"Organisations should make business continuity plans for a No Deal Brexit (as the most immediate and most disruptive scenario); look for opportunities that this may create; and get match fit, focusing on business basics like cashflow, retaining and attracting talent, sweating your assets to meet customer need, and removing unnecessary costs. That is what we are already working with our clients on and many are now implementing their contingency plans; it's not too late to start."

"Above all else, businesses should keep calm, carry on and be ready for change."

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