Simon Hart, lead Brexit partner at RSM comments:
‘The Prime Minister has taken what she claims to be a “decisive step” towards finalising the UK and EU divorce settlement.
‘Whilst significant progress has been made, it is important to note that there is still a huge amount to be presented, negotiated and ratified. With the political uncertainty and March 2019 fast approaching, middle market businesses need to prepare for multiple scenarios regardless of the current proposal on the table.
'The emerging agreement is starting to present clarity in areas and will help to make some short and medium-term business planning decisions. Nevertheless, businesses should ensure they remain fully prepared for all outcomes, including a no-deal scenario, by continuing to carry out stress-testing and scenario-planning exercises.
‘Businesses should be asking what impact Brexit will have on their supply chains, whether their existing contracts will be effected 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.’
The full text of the draft is available via the European Commission. For further information on how to prepare visit our Brexit pages.