How Brexit Ready is UK Business? | IPT
Chair: Hilary Benn MP, Chair, Select Committee on Future Relationship with the European Union
Speaker: Natalie Kingswood, Business Improvement Manager, Technical Services, BOC
Speaker: Adam Marshall, Director General, British Chambers of Commerce
Virtual Event

Date:

Monday 07 December 2020

Venue:

This is an online event

Start Time:

16:00

End Time:

17:00

At present just 24% of businesses believe they’re fully ready for the end of the transition period. Her Majesty’s Revenue and Customs (HMRC) has estimated that British businesses will have to complete an additional 260 million customs forms a year, requiring as many as 50,000 new customs agents. The British International Freight Association has said almost two-thirds of customs brokers do not have enough staff to handle the extra paperwork. Furthermore, the Government has made clear that its Goods Vehicle Movement Service (GVMS), which HMRC will use to police trade across the Irish Sea from 1 January, is unlikely to be ready in time. As a result of COVID the Confederation of British Industry have said that preparations for the transition haven’t just stalled, they have ‘gone backwards’ and estimated that 80% of retailers and 62% of services firms reported cashflow issues diminishing ‘rainy day’ cash reserves. In February the Government announced that partial customs requirements will come into force on 1 January, with full border checks commencing on 1 July. The final scenario is still unknown and there remains considerable uncertainty for businesses preparing for the end of the transition period. With the end of the transition period around the corner, how Brexit ready is UK business?

This event will:

  • Consider the impact of the coronavirus pandemic on business planning and resourcing for Brexit preparations.
  • Explore how to mitigate possible disruptions at the end of the transition period.
  • Examine what clarity, information and assistance business would receive in order to improve readiness.