The Institute of Directors (IoD) has urged the government and the EU to 'compromise and chart a way forward' on Brexit, following the publication of research that shows that UK businesses are facing an 'impossible situation' regarding planning.
The IoD surveyed 950 business owners, and found that 51% believe a no-deal Brexit would be negative for their firm. However, 32% believe further delay to Brexit could have a 'worse impact'.
The business group has urged the government to provide small firms with extra financial assistance to help them prepare for Brexit.
'Firms are facing an impossible situation as they try to prepare in advance for the possibility of simultaneous sweeping changes on an unprecedented level,' said Allie Renison, Head of Europe and Trade Policy at the IoD.
'If the government wants the country to be ready, businesses urgently need more targeted help in the form of financial assistance to enable them to access the specialist advice they need. While efforts to inform and prepare have stepped up, there is a huge job to do and generic guidance naturally struggles to address firms' differing unique challenges.'