Vast majority of businesses not ready for ramifications of Brexit

Around 80% of UK businesses have failed to prepare for a potential exit from Europe following the upcoming referendum.

Potential effects on businesses if the UK were to leave the European Union include: increased legal, travel and import costs; slump of the pound on the Foreign Exchange market; and changes in how trade deals are made with EU countries.

This is according to a survey by Interim Partners, providers of senior interim executives. Respondents recommended that businesses develop new overseas markets to increase trade options; hedge their investments to protect against overspend and form coalitions with sector peers to strengthen existing relationships.

“Interim managers are specialists in change management, and are often brought into businesses to help them navigate periods of transformation and uncertainty,” says Interim Partners managing partner Steve Rutherford.

“As such, they are ideally-placed to help businesses negotiate the potential economic pitfalls of a UK exit from Europe.”