Karen Briggs, Head of Brexit at KPMG comments after EU leaders agreed negotiations have made insufficient progress.
Commenting after EU leaders agreed negotiations have made insufficient progress, Karen Briggs, Head of Brexit at KPMG said:
“Today’s decision on insufficient progress seems to be already priced into the markets, as was some movement on transition and preparation for future trade talks. So today’s rhetoric looks positive given the amount of expectation management. However it still leaves businesses in limbo.
“Whilst it’s not tenable to be without a Brexit plan, no business wants to commit to major investment decisions whilst uncertainty remains over whether more progress might now be made in December. Consequently we’re seeing businesses quietly stockpiling inventory and exploring alternative sources of talent, whilst nervously pushing bigger financial decisions into the new year.
“The exception is in financial services where the big houses are already investing in the most cost effective ways to be Brexit ready. Here the conversation has moved on from high level analysis and impact plans, to much more detailed work on setting up an EU presence and the very human issues associated with moving people overseas.
“At this stage nearly all businesses should be talking to their customers, suppliers and EU counterparts about Brexit preparedness. It looks as if December is shaping up to be a Brexit cliff-hanger.”
Notes to editor:
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