Firms’ fears over lack of trade deal

MOST firms are worried about a further economic shock if the UK leaves the EU without a trade deal, according to a new study.

The CBI said its research suggested three out of four firms are concerned about the impact of a non-negotiated exit from the UK’s biggest trading partner.

A survey of 752 firms made it clear that most have neither the time nor the resources to prepare for a non-negotiated EU exit, said the business group.

The CBI said its survey also revealed that business preparations for the end of the transition period have stalled or gone into reverse since January.

Around 15% of businesses said they have improved their preparedness for the UK’s exit from the single market and customs union, 58% report no change and one in five fear preparations have gone backwards.