CBI Says `Vast Majority' of Firms Aren't Ready for No-Deal Brexit

The transcript discusses the challenges and concerns businesses face regarding Brexit, particularly a no deal scenario. It highlights the uncertainty and complexity of supply chains, the potential legal and trade barriers, and the lack of a guaranteed mechanism in Parliament to prevent an accidental no deal Brexit. The discussion also covers the implications of WTO rules, the movement of capital and staff by banks, and the focus on global trade. Despite efforts to secure new trade deals, the impact of a bad EU deal remains a significant concern.

What is the main concern for smaller businesses regarding Brexit?

• They are ready for any outcome.

• They have simple supply chains.

• They face uncertainty and complex supply chains.

• They have already secured trade deals.

Why do businesses fear a no-deal Brexit the most?

• It would lead to immediate legal changes and tariffs.

• It would simplify trade regulations.

• It would increase government support.

• It would reduce competition.

What is the consensus in Parliament regarding a no-deal Brexit?

• Parliament supports a no-deal Brexit.

• There is a consensus against a no-deal Brexit.

• Parliament is indifferent to a no-deal Brexit.

• Parliament has no opinion on Brexit.

What is a major concern for businesses regarding WTO rules?

• WTO rules are already in place.

• WTO rules create significant trade barriers.

• WTO rules are the most advanced trading terms.

• They are well-prepared for WTO rules.

What is a key priority for British exporters post-Brexit?

• Focusing solely on domestic trade.

• Securing a trade deal with the European Union.

• Avoiding any new trade deals.

• Reducing exports to China.