Most firms not ready to leave EU

BRItIsh firms today said they are not ready to leave the European Union with just five months to go until Britain formally departs.

half of all bosses said they cannot make preparations until ministers provide certainty over the nature of the future relationship, according to a survey for the Institute of Directors (IoD).

the UK is negotiating a new relationship with the EU when the transition period ends in December.

Only a quarter of businesses are fully ready, IoD said, and manufacturing is particularly vulnerable to the changes.

Coronavirus has been a distraction away from preparations for new rules governing trade, migrant labour and customs. seven in ten businesses said reaching a deal was important for them, with 89pc believing it was important for the economy as a whole.

Jonathan Geldart, IoD director general, said: ‘Preparing for Brexit proper is like trying to hit a moving target. they want to start this exciting new chapter on the front foot, not distracted by disruption.’