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More firms prepare for no-deal Brexit

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Businesses are still bracing themselves for a no-deal Brexit, despite a parliamentary vote against this outcome.

On 29 January 2019, MPs voted to rule out leaving the EU without a deal, and in favour of renegotiating the proposed withdrawal agreement.

The UK is scheduled to leave the EU in 58 days - on Friday 29 March 2019.

Mike Cherry, chairman of the Federation of Small Businesses, said the decision is a "small but significant step that shows Parliament falling into line with the UK small business community".

However, the amendment is not legally binding and does not rule out a no-deal Brexit, leading Cherry to say the UK is "no closer to securing a pro-business deal" before the planned exit date.

Stephen Martin, director-general of the Institute of Directors, added:

"Every passing day brings no-deal closer, and sees more firms forced into activating potentially unnecessary and costly contingency plans - many of which involve moving business out of the UK.

"Much more information on what would happen on day one of no deal is needed to ensure any adequate level of business readiness."

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