PwC comments on extension to Article 50

Apr 11, 2019

Commenting on the extension of Article 50 to 31 October 2019, Andrew Gray, head of Brexit at PwC, said:

“The ‘flextension’ removes an immediate cliff edge and this will be a huge sigh of relief to some businesses. However, time is only useful if you know what to do with it. 

“We now enter a further prolonged period of uncertainty. Uncertainty now relates to both how we leave and when we leave. Business needs to stay agile as Brexit stops being a moment in time and becomes the backdrop to all strategy and investment decisions.

“For many businesses, the wheels are already in motion, and this extension will mean they need to decide whether to pause and keep options open, to roll back preparations, or reevaluate their options on a more strategic basis. It won’t always be as simple as changing the end date of plans already in place.

“Business strategy has been to keep options open for as long as possible however, it is difficult for them to do that for much longer, especially international investors for whom the UK is only one market of many. 

“Any extra time to plan for Brexit is a gift. As Mr Tusk said, don’t waste it.”

Ends

Notes for Editors

  1. For further information or to speak to any of our Brexit experts, please contact Georgina Sowemimo on 07483 423073 or georgina.a.sowemimo@pwc.com

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