More Companies Do Not Expect Brexit Consequences for Their Own Business

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More and more entrepreneurs who do business indirectly with the United Kingdom expect that Brexit will have almost or no consequences for their own company.

This has emerged from a study commissioned by the Ministries of Foreign Affairs and Economic Affairs.

The United Kingdom and the European Union are negotiating a new trade agreement. This must be completed before the end of this year because then the British will leave the EU’s internal market for good. From January 1, new rules will apply to doing business with the UK.

Companies that trade indirectly with the UK are, for example, companies that source parts from there through intermediate suppliers.

In April, 39 percent of these entrepreneurs thought they would feel almost or no consequences of the British exit. That percentage has risen to 56 percent. Only 6 percent expect relatively large outcomes.

Furthermore, more and more companies that do business directly with the UK think that the consequences of Brexit will not be that great. That percentage rose from 50 to 55 percent in the survey of a total of 572 companies. But among this group of entrepreneurs, the number of companies declined that did not expect any consequences at all. That fell from 18 to 10 percent.

The cabinet calls on companies to prepare well for the new situation after the turn of the year. Then customs formalities will again apply at the border with the UK.