A new report published by the Confederation of British Industry (CBI) has suggested that neither the UK nor the EU are prepared to handle a no-deal Brexit scenario.
The CBI's report outlined 200 recommendations to help 'accelerate no-deal preparations for the UK, the EU and companies'.
According to the CBI, neither side is ready for a potential no-deal scenario on 31 October. The report states that, although UK businesses have already spent 'billions' on contingency planning for a no-deal scenario, they remain 'hampered by unclear advice'. Smaller firms in particular are less well prepared, the report found.
The CBI's recommendations for the government to consider include reviewing and updating all technical notices and Brexit preparedness advice; launching a 'targeted communications campaign' with clear advice for firms; and publishing preparedness measures to 'provide transparency and confidence in government readiness'.
'Businesses are desperate to move beyond Brexit,' said Josh Hardie, Deputy Director General of the CBI.
'They have huge belief in the UK and getting a deal will open many doors that have been closed by uncertainty. There is a fresh opportunity to show a new spirit of pragmatism and flexibility. Both sides are underprepared, so it's in all our interests.
'Preparing for no-deal is devilishly difficult. But it is right to prepare.'