British Chambers: Contingency Plans and No-Deal Brexit

british chambers: The warnings emerged after the British Chambers of Commerce said that thousands of the firms it represented had already triggered contingency plans for a no-deal Brexit, including plans to move operations out of the UK. James Stewart, the head of Brexit at accountancy firm KPMG, said Many of the businesses we're speaking to are praying for an extension to article 50 hoping for a delay to the self-imposed 29 March deadline for Britain to leave the EU. He said that nearly all larger firms were now preparing for Brexit, but were at very different points in implementing no-deal plans, according to The Guardian. At this stage even our most-informed clients feel as if anything could happen, he said. The Confederation of British Industry said that firms' reported growth prospects were at their weakest for almost six years, while other research shows the number of acquisitions of UK companies by foreign buyers is falling 11% year on year. They're thinking about getting products from A to B, market access and staffing up situation rooms for April. The CBI said the private sector was stuck in neutral with zero growth in aggregate in the last quarter on its survey of British firms across the distribution, manufacturing and service sectors. Forecasting the outcome of Brexit is a bit like trying to predict a greyhound race; there are no safe bets. (news.financializer.com). As reported in the news.