Big British companies implemented contingency Brexit plans in preparation for the March 29 deadline and would be ready to leave on a no deal soon, according to Mr Edwards. Large businesses and financial services have been urged for the past two years to prepare plans for Britain leaving the European Union without an agreement. The British-American Business CEO suggested that for those enterprises rolling out their no deal plans in March, Brexit has “in effect already happened.”
Speaking to Bloomberg, Mr Edwards said: “Most large companies already made their preparations, the financial services industry, for example.
“They were forced to make no deal preparations in time for the March 29 deadline by the Bank of England and they all did it.
“For a lot of large companies, in effect, Brexit has already happened.”
However the businessman warned small to medium enterprises (SMEs) could still take the brunt of Brexit due to a lack of funding to set up contingency plans.
He continued: “The key problem is with manufacturing businesses, people who make things and who have complex supply chains across Europe but are making things in the UK.
“And then SMEs – SMEs are really struggling, they don’t have the resources for planning or for changing their supply chains.
“But most large companies have all done their preparations and will be ready on October 31.”
Mr Johnson is to meet Irish leader Leo Varadkar over the coming weeks to discuss potential resolutions to the current logjam after the pair shared a tense phone call shortly following the Prime Minister’s election in July.
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Irish Finance minister Paschal Donohoe confirmed the pair were “planning to meet”: “They had a good phone call there a number of days ago and their respective offices now are looking to set up a meeting.
“But I would anticipate they would meet. I know they are looking to schedule that meeting and I would anticipate that will happen.”
The Prime Minister has called on Dublin to scrap the backstop over concerns the clause could cause legislative differences between Northern Ireland and the rest of the UK. CLICK LINK BELOW FOR FULL STORY
Big British companies implemented contingency Brexit plans in preparation for the March 29 deadline and would be ready to leave on a no deal soon, according to Mr Edwards. Large businesses and financial services have been urged for the past two years to prepare plans for Britain leaving the European Union without an agreement.