Get ready for Brexit with this one simple action

With just days to go before October 31st, Brexit will affect British industry in one form or another. That is assuming it takes place on that date. With the news that talks between the EU and UK have reached an impasse it increasingly looks as though the departure date will be put back again. And some say it may never happen if a General Election takes place this winter and parliament cannot find a solution to either a deal or a no-deal exit. There could even be another referendum. Who knows?

One simple action that firms can take is to insert into their terms and conditions and new contracts a Brexit-clause to protect them in the event of major problems. Brexit-proofing can be as simple as including a line making reference to ‘material adverse changes’ and indicating prices may need to be adjusted depending on the outcome of the UK’s exit from the EU. It could be a life saver if things do not go well.

However, nothing is definite and stranger things have happened so just in case Brexit does happen this month it is wise to get ready. The Government has been running a campaign called Get Ready for Brexit with its own website full of advice for businesses at https://www.gov.uk/brexit

The British Chambers of Commerce have some helpful checklists of things to do and matters to be aware of. On their website they have notes in the form of a pdf you can download. Certainly worth taking into consideration: https://www.britishchambers.org.uk/page/business-brexit-checklist

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com