Business News Businesses ignore Brexit risks
Business leaders in the West Midlands have appealed to businesses to work harder to ensure they are ready for the UK’s exit from Europe. This is despite ongoing confusion about the likely terms of Brexit, a
situation long deplored by the region’s Chambers of Commerce. The Chambers’ have launched of the latest edition of ‘Brexit: How Are
Businesses Responding?’ The report is based on responses to the Business Brexit Health Check
delivered by the West Midlands Combined Authority (WMCA), Greater Birmingham Chambers of Commerce (GBCC), Black Country Chamber of Commerce (BCCC) and Coventry & Warwickshire Chamber of Commerce (C&WCC).
The key findings from the latest Health Check were:
1. Overall, a higher proportion of businesses who are exposed to Brexit-related change had taken proactive steps to prepare for Brexit than the average. However there are still notable gaps between potential impact and action in a number of areas including:
• 39 per cent of businesses reported employing EU nationals but less than one third (28 per cent) had engaged with them over Brexit,
• 39 per cent of businesses export goods to the EU but only 36 per cent of those reported having adapted their import or export strategies.
• 47 per cent of businesses import goods from the EU but just over half (52 per cent) of those reported having undertaken a review of key suppliers and customers to identify problems.
2. Businesses exporting services to the EU, on average, reported feeling less prepared for the trade aspects of Brexit than others and a lower proportion reported taking active steps to prepare for Brexit.
Visitor numbers soar in region
Visitor numbers have soared in Birmingham and the West Midlands, putting the region on the brink of a “triumphant return to the world stage”, according to the Birmingham Economic Review. The review is produced by
Greater Birmingham Chambers of Commerce (GBCC) and University of Birmingham’s City-Region Economic Development Institute (REDI), which aims to accelerate economic growth in the West Midlands. The report includes detailed data and analysis of the region’s strengths, weaknesses, opportunities and threats and revealed that it is still the leading region outside of the South East for attracting foreign direct investment (FDI). In 2018/19 there were 171 new
FDI projects in the West Midlands, creating 9,424 new jobs. Fifty- seven of those projects were in Birmingham, creating 1,521 jobs. City-REDI director Simon
Collinson said: “This report highlights continued growth momentum in our region.”
Visit:
www.greaterbirminghamchambers .com/research-campaigning/ birmingham-economic-review
8 CHAMBERLINK November 2019
Complete a Business Brexit Health Check here:
www.wmca.org.uk/brexithealthcheck
L-R: Steve Allen, James Duddridge, Simon Hart (Brexit partner, RSM)
A WMCA area Chambers of Commerce Brexit Preparedness Topical Poll revealed:
1. Only two in five businesses report having undertaken a Brexit risk assessment.
2. Among those businesses that had not, only one third intend to use any remaining time to prepare.
3. A significantly higher proportion of manufacturing sector firms reported having undertaken a Brexit risk assessment.
GBCC chief executive Paul Faulkner said: “Across its 206-year history, our Chamber of Commerce has helped businesses navigate everything from world wars to the industrial revolution. We continue to be on hand to support businesses through Brexit.” BCCC chief executive Corin Crane said: “One key concern is the lack of
preparedness for changes to workforce issues. There is still not enough knowledge about what EU-born workers should do to protect their status in the UK. Therefore, the Government must ensure that the brightest and best from across the EU can continue to live and work in the UK.” Louise Bennett, chief executive of C&WCC, said: “The latest results from
our Business Brexit Health Check once again show that a significant proportion of firms in the area haven’t conducted a Brexit risk assessment. “Despite the confusion over the Brexit process there is actually great deal that businesses can do to prepare themselves and we are on hand to help.”
Minister joins roundtable
James Duddridge MP, Parliamentary Under Secretary of State at the Department for Exiting the European Union, joined Greater Birmingham Chambers of Commerce (GBCC) members for a private roundtable on Brexit. The event was organised by GBCC hosted by RSM,
and chaired by Chamber vice-president Steve Allen. The Minister provided an update on the
Government’s preparations for securing a Brexit deal and contingency plans for a no-deal scenario. He said: “The government continues to work hard to
secure a deal with the EU and give companies the certainty they need. “It was also reassuring to hear about all the hard
work the Chamber is doing to help businesses prepare for Brexit.”
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