Which industries are predicted to suffer most from no-deal Brexit?
A government spokesman said: “The UK will be leaving the EU on 31 October and our top priority is supporting consumers and businesses in their preparations for Brexit.
Are you preparing?
In a previous blog we talked about reviewing your due diligence processes to ensure you know who you’re dealing with. So we thought it would be useful to also be aware of which industries are predicted to be most effected, in a no deal outcome.
Which industries are likely to suffer most from a no-deal Brexit?
The cross-party Exiting the EU Committee has warned that a no deal could mean “damaging consequences” for sectors such as:
- Car industry
- Food industry
- Services businesses
- Higher education
With pressure on cash-flow it is essential that you stay on top of your credit limits and watch our for repeat late payments. Don’t just assume customers can and will pay you eventually. No matter how big their name is. If you have clients in these industries extra vigilance or communications maybe needed.
Using an independent third party such as ourselves to create and implement and end to end credit control function or chase one off late payments can often be the most effective option. Get in touch we are happy to talk through options.