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Salzburg has increased the risk of a no-deal Brexit

Salzburg has increased the risk of a no-deal Brexit

James Stewart, KPMG’s Head of Brexit, comments on the EU leaders’ meeting in Salzburg

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Commenting on the EU leaders’ meeting in Salzburg, Austria, James Stewart, KPMG’s Head of Brexit said:

“No one was expecting an easy ride in Brexit talks between now and the end of the year, however the way in which EU leaders rejected the UK’s proposals, and the timing of their remarks, was a surprise.

“With just four weeks until a hoped-for final deal and with the issue of the Irish border still deadlocked, the chances of a no-deal Brexit in March have risen further over the past 48 hours. Theresa May’s statement on Friday that talks had reached an “impasse” only underlines that danger.

“Prior to Salzburg, many commentators were saying that the greatest obstacle to a successful deal lay in it being approved by Parliament. Doubts are now growing among some that MPs will even have a final deal to debate. Politically, all Brexit outcomes remain on the table. 

“Events of the past 24 hours reinforce our view that even if negotiations are successful, we are unlikely to see a final agreement before the end of this year. Companies cannot wait and hope for such a last-minute resolution.

“The message to business is clear. If politicians are saying they are preparing hard for a no deal outcome, then firms need to do the same. It is time for companies to move planning up a notch and, where they have longer lead times, to put those plans into action. With little over six months until the UK’s scheduled departure, we also urge companies to pay greater attention to the potentially indirect impacts of Brexit, such as impaired access to funding. It is imperative that companies ensure that they – and their suppliers and partners – address their financing needs early."

 

-ENDS-

 

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About KPMG in the UK

KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 14,500 partners and staff. The UK firm recorded a revenue of £2.2 billion in the year ended 30 September 2017. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

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