Brexit Statement: October 2020
The UK left the EU on 31 January 2020, and the current transition period, during which there is little practical change, finishes at the end of the year.
Negotiations on a new Free Trade Agreement (FTA) between the EU and UK are underway. If these talks fail, the UK would begin trading with the EU on a WTO and third country basis, the so-called ‘no deal’ option. This would lead to trade between the UK and EU becoming subject to tariffs and new regulatory requirements.
We hope that we do not get to this point, but we are taking steps to ensure business continuity in that eventuality. In addition, there will be many changes regardless of whether a new FTA is concluded – there will be new customs paperwork needed, for example, and there will be changes affecting visas and business travel.
Our Brexit preparations are being given the highest priority and overseen by our Board of Directors. Actions include;
- Resource planning.
- Review on all imported product, with a view of an additional 3 months stock holding on core lines.
- Working with our supply chain and third-party logistics provider in order to minimise disruption to our operations.
- Commodity code review.
- INCO terms review.
- Supplier audits to prepare paperwork, documentation and to process export entries.
- Transport mode review – Current vs Potential.
- Extensive “Data Transfer” review.
- Revised “Standard Operating Procedure” to ensure consistency and accuracy within the company.
- Review data visibility and record keeping software.
We will continue to keep our customers and suppliers informed and are happy to answer any further questions. Please contact your local Account Manager if you would like to discuss this further.
Sales & Marketing Director