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Why European – and UK – businesses must prepare now for Brexit

Businesses on both sides of the English Channel are being urged to prepare for Brexit now, as supply chains will have to be redesigned following 19 March 2019. KPMG has conducted a survey for the Dutch Ministry of Economic Affairs – the results of which can be found in the report published this month: Impact of non-tariff barriers as a result of Brexit – and found that the current ambiguity surrounding the shape and outcome of a Brexit deal means that most companies are not preparing for trade and business after 19 March 2019. The consultancy firm warns that waiting to take action until a Brexit deal has been signed could leave businesses with insufficient time to implement possible solutions. The report suggests that import and export costs will increase by between €387 million and €627 million, excluding customs duties and VAT expenses.

KPMG's Wesley Willemse commented that businesses with borders with the UK should start immediately looking into the following questions:

  • How many shipments are sent to the United Kingdom each year or how many arrive from the United Kingdom?
  • What type of goods are involved?
  • Do additional measures apply to these goods?
  • Are the goods dispatched in large consignments or in small shipments addressed to individual customers?
  • Will the goods require phytosanitary or veterinary certificates, or CE markings?

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Cash & Liquidity Management
Cash & Liquidity Management in Europe

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