In a report titled “Implications for Business and Trade of a No Deal Exit on 29 March 2019”, the UK government noted that businesses and individuals are under-prepared for no-deal Brexit because they see it as unlikely. But it’s warned that the disruption risk could heighten if it does eventually take place.
The reported noted that “despite communications from the government, there is little evidence that businesses are preparing in earnest for a no-deal scenario, and evidence indicates that readiness of small and medium-sized enterprises in particular is low”.
The government “judges that the reason for this lack of action is often because a no-deal scenario is not seen as a sufficiently credible outcome to take action or outlay expenditure”. And “the lack of preparation by businesses and individuals is likely to add to the disruption experienced in a no-deal scenario”.
Brexit debates will continue today and some amendments will be voted for. But the overall plan should now be set after Prime Minister Theresa May’s statement yesterday. There will be another meaningful vote on the Brexit deal on March 12. May could get a last minute provisional agreement from EU on March 11, if any, with needed change on Irish backstop. If the deal is voted down, there will be a vote on March 13 for the Parliament to give explicit consent to no-deal Brexit. Then on March 14, if no-deal Brexit is ruled out, there will be another vote on Article 50 extension.