Firms in Brexit denial, says KPMG

She said: “A year ago the referendum result took the business community by surprise, with most unprepared for Brexit and the foreign exchange impact.  Today most global businesses, particularly those in financial services, are busy putting in place measures to insulate them from the most significant Brexit risks.

“But this is not a universal pattern and there is definitely a band of firms that are either in denial or yet to fully engage at board level.  These organisations tend to argue that there is too much uncertainty and complexity or, post General Election, they have unrealistic views on the Brexit outcome.

“With negotiations underway and major change often requiring extensive lead times, shrinking from these decisions is becoming an increasingly risky and untenable strategy.

“These businesses need to urgently get on with the necessary planning.  There is little reason to believe that the current levels of uncertainty and volatility around Brexit are going to change.  If this is the new normal, businesses need to take a more proactive approach to shaping their own destiny.  The government has a massive agenda to land and the nature of the deal means the current climate isn’t going to get a lot easier.”

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For further information please contact:
Paul Middleton, KPMG Corporate Communications
Tel: (0) 20 7694 2180 / Mobile: 0738 725 7543 / Email: Paul.Middleton@kpmg.co.uk
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