Hardly any cross-border traders are properly prepared for impact of crashing out of EU without a deal, report warns

As few as 6 percent of crossborder traders in Ireland are prepared for cash-flow issues in the event of a no-deal Brexit, according to a new report.

Research has found that most are choosing to disregard the potential impact a no-deal Brexit could bring.

While the UK is due to leave the EU on 31 October, only 6 per cent of cross-border businesses have examined the possible legal implications for business contracts.

Cross-border body Intertradeireland said the consequences of market access changes could mean firms are exposed to significant additional costs.

It has urged business owners to take steps to protect themselves.

Aidan Gough, Intertradeireland’s designated officer and director of strategy and policy, said: “Ignoring Brexit is a bigger issue than not preparing for it. Failing to take into account how it may impact your business could be very detrimental down the line.” There are about 20,000 cross-border traders on the island of Ireland.

A substantial proportion of these are micro-businesses, which are particularly vulnerable to changes in current trading arrangements and are more likely to be reliant on the crossborder market as their only export destination. The latest research also shows continuity of supply is an additional problem that could hinder cross-border businesses.

Tariffs are a further issue that could strike at the viability of small and medium-sized enterprises in the event of a hard Brexit.