An Eversheds Sutherland report reveals that “…too many UK businesses remain dangerously unprepared for Brexit.”

With Article 50 notice due to be issued by Prime Minister Theresa May next week, businesses need to take action now.

The report sets out the findings of an extensive survey to which over 175 business leaders responded, which asked how UK businesses are responding to some of Brexit’s key commercial and legal issues.

Some of the findings make worrying reading. Whilst Brexit has made it onto board agendas, 80% of respondents say that since the vote, they have not taken any further steps to prepare for Brexit, opting instead for a ‘wait and see’ approach.

The report reveals what UK businesses want from Brexit.

It also includes top tips on what businesses should be doing now to prepare for Brexit. Key areas are:

· People: due diligence on the workforce and plan for a variety of post-Brexit outcomes

· Trade: analyse trading networks and plan for outcomes including defaulting to WTO terms

· Contractual and counterparty audit: review and amend (where possible) cross-border contracts and counterparty arrangements

The Eversheds Sutherland Brexit report is available on our Brexit hub, which also contains a range of other Brexit information and details of our experts: www.eversheds-sutherland.com/brexit