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A third of UK businesses preparing Brexit action plan

A third of businesses in the UK have an action plan set up, in case the country decides it wants to leave the European Union. Those are the results of a new survey conducted by international law firm Pinsent Masons.

It asked 150 decision-makers in the UK, Germany and France and found out that 57 per cent have not even discussed the idea of Brexit on Board level. Out of those that have, just 11 per cent have admitted to actually planning a relocation of their services.

From the results, Pinsent Masons concludes that businesses do not understand the impact Brexit can have on their business. It doesn't mention that maybe businesses don't really believe the UK will leave.

"If the UK vote is in favour of leaving the EU, there will be profound implications for all businesses irrespective of whether they operate or trade in - or with - the UK,” says Guy Lougher, a Partner and Head of the Brexit Advisory Team at Pinsent Masons.

"A number of economists believe a vote in favour of Brexit would create a profound economic shock. Whether one accepts such predictions or not it is hard to imagine that - at the very least – exchange rates will not be impacted."

"The uncertainties in a Brexit scenario are so great that there may be a temptation to do nothing until the referendum result emerges. However, our advice to businesses is to start taking steps now. While one cannot protect against all risks, it is possible to identify the risk areas and start thinking about how these could be mitigated."

The referendum about the UK leaving the European Union or staying within it is less than six weeks away.

Image Credit: JMiks / Shutterstock

Sead Fadilpašić

Sead is a freelance journalist with more than 15 years of experience in writing various types of content, from blogs, whitepapers, and reviews to ebooks, and many more, across sites including Al Jazeera Balkans, TechRadar Pro, IT Pro Portal, and CryptoNews.