Three quarters of UK businesses are not fully prepared for the end of the Brexit transition period, according to a survey conducted by the Institute of Directors (IoD).

Nearly half of the 978 company directors polled in late June said they have not been able to prepare. One in seven said that the coronavirus (COVID-19) has negatively impacted preparations, while a third said that a lack of clarity on a deal between the UK and the EU was preventing changes.

Over two thirds of directors said that reaching a deal was important for their organisation.

Amongst those directors that favour being able to diverge from EU rules, 71% agreed that securing a deal is important for the economy.

Commenting on the survey, Jonathan Geldart, Director General of the IoD, said: ‘A commitment to some form of reciprocal phasing-in of changes once clear is a long-standing ask from our members, and the benefits would be significant. At a time when government is rightly straining every sinew to help firms deal with widespread disruption, it would be counterproductive not to seek to minimise it at the end of the year.’

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