Yes I know there is minimal time before 11:00 p.m. GMT 29 March when Brexit will probably begin. Companies will have/should been working on this for a long time, but it might be useful to check HSBC’s excellent checklist to see if you have covered everything.
HSBC’s whole strategy has been to protect their clients with advice and services which will mitigate and minimise the impact of Brexit. Their approach is summed up by Deborah Mur, Head of Global Liquidity and Cash Management, HSBC France, who says their clients need to, “Be aware and be prepared.”
HSBC’s overall strategy is to ensure business continuity for their clients.
5 steps to Brexit readiness
The interactive guide covers the five steps to Brexit readiness:
HSBC list the top considerations companies need to focus on:
- Have a contingency plan
- Consider the impact on human resources
- Build in increased labour costs
- Evaluate cross-border import and export costs
- Calculate the VAT impact
- Assess potential WTO tariffs
- Plan for system updates
- Consider sector implications
- Talk to your bank.
There is much more detail in this excellent guide here.
CTMfile take: This is a very useful reminder, even at this late stage, of the key tasks and thought processes in preparing for Brexit.
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Baker McKenzie suggests that UK manufacturing exports in four key sectors to non-EU countries would need to increase by 60 per cent to offset the losses in a 'hard Brexit' scenario
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