TAIPEI, Taiwan, Dec. 10, 2017 /PRNewswire/ -- Burton Mills: Large firms are ramping up their preparation strategies in the event that Britain exits the European Union without an agreement as Prime Minister Theresa May battles to get discussions back on track after a serious stumbling block.
Analysts at Taipei, Taiwan-based Burton Mills say the U.K. is hoping to reach an agreement with the EU on Dec. 14 to transition the Brexit discussions on to the next phase. The next phase would focus on trade and a two-year transition deal to ease the country's departure after March 2019. This timetable has been upset after talks hit a wall in Brussels earlier this week.
Burton Mills analysts believe that May's attempts to reach an agreement on a transition deal have not come soon enough and that executives in the financial services sector will have no option but to begin restructuring.
Large U.K. chain store retailers have been working with their suppliers to pinpoint possible delays, price increases or shortages. This process has included lining up alternative suppliers to be called upon in the event of such delays.
The uncertainty is especially stressful for those in the manufacturing sector as reduced margins make it dangerous for them to restructure unless it is absolutely critical.
The United Kingdom and the European Union are working to get discussions back on course as soon as possible but Burton Mills analysts say that many executives in the financial services sector are planning for the worst.
For many, the question is no longer whether or not operations will be moved to the European Union but rather how big the move will be.
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SOURCE Burton Mills