Undertake a Brexit risk assessment now is the call from a trio of senior businessleaders, led by Colin Bell, Business Growth Director at the North East LEP.
Promoting the North East Growth Hub’s Brexit toolkit at an event for regional PR practitioners, Colin urged businesses to make the most of North East Growth Hub Connectors who are there to carry out Brexit Readiness assessments and brokerage.
He said: “We’re growing the LEP team to provide advisory services from data gathering, through supply chain and readiness assessment and brokerage services. “What we need is greater insight on what is keeping management teams awake at night so we can provide appropriate solutions. Get in touch or tweet using the #BrexitReady hashtag.”
Brexit planning was a theme addressed by all the speakers at the event.
Arlen Pettitt, Knowledge Development Manager for the North East England Chamber of Commerce, urged organisations to ask smart questions and lobby regional development and trade organisations.
“There’s never going to be a letter drop on your mat telling you what to do, you have to ask the questions of your business, build scenarios and prepare based on what you can work out,” said Pettit.
Neil Warwick OBE, Partner at Square One Law in Newcastle has spent the past three years advising clients and government on Brexit preparedness.
He said: “No deal is a myth. Likewise, the notion of Brexit being done on 31 October. Both will require extensive negotiations to re-establish trading terms with the EU, likely to take five the seven years. It’s imperative businesses plan right now around people, goods, capital and services and understand the material impact that coming out of Europe will have.”
A risk assessment should also form part of a no deal planning exercise focused on four areas: contingency, supply chain, on-shoring or offshoring and implementation. The North East Growth Hub Brexit toolkit covers the latest Government guidance, funding and business support, as well as resources and tools. You can access this here.