Leading audit, tax and consulting firm to the middle market RSM responds to the outcome of the meaningful vote on the EU Withdrawal Agreement.
Simon Hart, lead Brexit partner at RSM, comments:
‘Whilst many expected defeat for the Government in the House of Commons last night, the margin of that loss has surprised observers. The implications, at least in the short term, are that the UK faces continued and increased uncertainty. What the Prime Minister herself dubbed as a “decisive step” towards finalising the UK and EU divorce settlement back in November, has now taken another twist and arguably a step back.
‘Businesses should continue to plan and drive their own measures where they can. One fact that we are still certain of is that Article 50’s deadline is approaching and whilst some progress has been made, the rejection of the draft deal by the UK parliament demonstrates there is still a long way in the Brexit journey to go. With this continued period of uncertainty and the deadline fast approaching, middle market businesses need to prepare for multiple scenarios regardless of whatever starts to emerge over the coming days and weeks.
‘By continuing to carry out stress-testing and scenario-planning exercises, businesses should be asking themselves what impact Brexit will have on their supply chains; whether their existing contracts will be affected or not, and; how they seek to attract the right talent and retain an effective workforce. Ultimately businesses need to know how they’ll mitigate the risks of Brexit, maximise the opportunities and maintain business continuity.'
For further information, see RSM’s five-point plan on how to prepare for Brexit.