PwC comments on Brexit indicative votes and the impact on business

Mar 27, 2019

Speaking ahead of tonight’s indicative votes, Andrew Gray, head of Brexit at PwC, said:

“Tonight’s indicative votes are another step in the political process but do not create political certainty, nor will they provide businesses with the certainty which they crave. 

“Businesses may be tempted to see the events of the last few days as pointing towards further delays, a much softer Brexit, or even no Brexit at all.  But until everything changes, nothing changes. The legal default remains that the UK is set to leave the EU on 12 April and responsible businesses should continue to plan on that basis until there is certainty.”

Commenting on how businesses should approach their ‘no deal’ planning from now on, Emily Khan, Beyond Brexit lead at PwC, said:

“Businesses should not assume that their ‘no deal’ plans for a 29 March departure can simply be rolled over to 12 April. There may well be practical issues in the detail which need to be altered or considered, for example, those related to the end of an accounting period, contract dates or scheduled changes to IT systems.

“For example, in financial services, where new licenses have been obtained in other markets, moving operations including a proportion of business activity is required by local regulators regardless of when or how exactly Brexit happens. 

“Our advice to businesses is to keep focused, keep moving forward with your planning for both a deal and no deal outcome, and be ready to adapt to any short notice change of course.”

Ends

Notes for Editors

  1. For further information or to speak to one of our Brexit experts, please contact Hilary Downes on 07718 340113 or hilary.n.downes@pwc.com

Ends

 

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