With uncertainty continuing surrounding the UK's proposed exit from the EU, the UK government is offering grants of £25,000 or more to help UK businesses prepare for the implications of a "no-deal" Brexit.
The "Business Readiness Fund" is available to business organisations and trade associations, and is intended to facilitate advice to UK-based businesses on the impact on their business, and trading arrangements arising from a "no deal" Brexit. It is also intended to facilitate the provision of practical support to mitigate the immediate impacts of that scenario.
As things currently stand, the UK will cease to be a member of the EU on 31st October, irrespective of whether an agreement is struck between the EU and the UK as to its future relationship. Whilst much will happen at the political level between now and then, and the ultimate outcome is likely to remain unclear for some time, businesses must prepare for the real possibility that the UK will "crash out" of the EU on 31st October, bringing substantial disruption, uncertainty and cost for businesses.
Whilst for many businesses, the availability of these grants will do little to soften the blow of a "no-deal" Brexit, the establishment of this fund is another indication of the level of concern that exists generally about the possible position of businesses in a post-Brexit UK.
Applications for grants are to be made by 30th September. Successful applicants must spend the money by 31st October or it will have to be returned.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.