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Firms must start work on post-Brexit plans, says law firm
SIGNIFICANT numbers of businesses have not drawn up contingency plans to cope with the impact of a vote to quit the European Union, research from national law firm Shoosmiths has suggested.
According to a poll at an EU Referendum event held by Shoosmiths ahead of Thursday’s vote, 74% of business leaders taking part in a snapshot survey said they were not planning for a vote to leave.
However, almost three-quarters of participants believe that the burden of regulation on businesses will decrease and 42% believe that the UK would become a more competitive business location outside the EU.
Shoosmiths partner Sanjeev Sharma, head of the Milton Keynes office, said: “Our research suggests that business leaders are adopting a wait and see attitude.”
This pragmatism could be understandable given that it will take a significant time for the UK to formally quit the EU and there is such a lack of clarity over the impact of a ‘leave’ vote, he added.
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