Beyond Brexit - Time to Act: Eight 'no regret decisions' you can make now (video)

14/05/18

With less than a year to go, Andrew Gray, our Head of Brexit, talks through the eight 'no regret decisions' all businesses should consider now to lay the groundwork for future trading beyond Brexit. It’s time to act.

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With under a year to go until the end of Article 50 negotiations there is increasing discussion on “readiness” for new trading and border arrangements between the UK and the EU.

As Brexit Leader for PwC, I’m meeting clients across the UK, and, outside of heavily regulated sectors such as Financial Services, there is a recurring theme. That the nature of our future relationship with the EU feels too uncertain for businesses to make change now.

There is, of course, some truth to this. The details of our future relationship with the EU may not be known for years. However our analysis of the potential scenarios for that relationship indicates that there are fewer variables now than there may seem. Moreover, there are some changes that are now more likely than not whatever happens next. Time is short, and the chance to benefit from first-mover advantage will soon have passed.

So, with this in mind we have eight “no regret” decisions all businesses should consider now to lay the groundwork for future trading beyond Brexit. These are:

  • Support your people
  • Know your supply chain
  • Clean up your current data
  • Think about new data requirements
  • Take advantage of existing government schemes
  • Check out your contracts, and
  • Engage with key 3rd parties

My own personal recommendation, is - plan to be agile - whilst there is uncertainty in the political environment, businesses can now prepare to respond to new developments.

Appointing a ‘head of Brexit’ and forming a dedicated body accountable for understanding what future events mean for your organisation, and identify the ‘triggers’ for action, will help you remain agile and quickly mitigate risks as they occur, as well as taking advantage from opportunities that arise.

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Andrew Gray
Partner, PwC United Kingdom
Tel: +44 (0)7753 928 494
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