Commenting after European Commission President Jean-Claude Juncker said sufficient progress has been reached
Commenting after European Commission President Jean-Claude Juncker said sufficient progress has been reached, Karen Briggs Head of Brexit at KPMG said:
“There is no doubt business will see today’s news as a big breakthrough. It opens the door to the trade talks they desperately want to see succeed, so they know what sort of future to plan for.
“However, we are now entering a period that will be a lot more complicated. The Irish border issue showed how fragile Brexit discussions can be and how negotiation failure could happen at the end of the talks rather than at the start. That’s why companies are planning for a no deal scenario and some are already making investment decisions they can't reverse.
“We continue to urge our clients to stress test their logistics network, supply chain exposure, customs approvals, working capital and customer expectations.”
James Stewart, Vice Chair at KPMG UK added:
“To give firms confidence, we need a clear vision on the sort of country we wish to become and rapid progress on a status quo transition before it becomes too much of a wasted asset. We also need to bear in mind that transition without a clear end state might only prolong the agony.”
For further information please contact:
Paul Middleton, KPMG Corporate Communications
T: (0) 20 7694 2180
M: 0738 725 7543
KPMG Press Office
Tel: +44 (0) 207 694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.