It’s Only A Year To Go Until Brexit — But Top U.K. Retailers Are Frustrated They Can’t Prepare For It
In 365 days the U.K. will no longer be a member of the European Union. But U.K. businesses are still unware of how much they will have to change to continue trading with the rest of Europe — making it harder to plan for the future. Paul Clarke, chief technology officer at the online food retailer Ocado, told CNBC that he is concerned about future funding. The £3.59 billion ($ 5.09 billion) company has benefited from European money in the form of business funding to develop its operations. “How will the UK government replace that?,” he wondered during a phone call with CNBC. The U.K. has agreed in principle with the European Union (EU) on a transition period of 21 months — meaning that between March 29, 2019 and December 31, 2020, U.K. businesses will be able to continue trading on current terms, while making the necessary preparations for the total break-up moment. Read more at CNBC.
