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KPMG: Brexit leading to rising demand for business advisory services

Apr 03
 
Tags: KPMG LLP
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KPMG: Brexit leading to rising demand for business advisory...

Management consultancy and advisory services are likely to see growing demand in the coming months as companies across the UK commence their Brexit preparations in earnest.

This is according to Karen Briggs, head of Brexit at KPMG, who said bosses across the country are becoming increasingly proactive about preparing their organisations for the potentially huge impact that Britain's exit from the European Union could have.

Commenting in the wake of prime minister Theresa May's triggering of Article 50 of the Lisbon Treaty, which formally commenced the two-year process that will take the UK out of the EU, Ms Briggs said the majority of chief executives have devised Brexit plans and are now putting them into action.

This means speaking to and reassuring members of staff that may be affected, as well as seeking new regulatory approvals where necessary and shifting certain parts of their operations, while others are ramping up of recruitment and investing in the training of local staff to counteract any restrictions that Brexit could place on the supply of skilled European workers.

Other companies are making acquisitions to address potential changes in tariffs, implementing new designs to circumvent cost pressures on imported components, and moving their focus away from the south-east to reduce costs.

Not only is this helping to prepare firms for a potential "cliff edge" scenario if the UK leaves the EU without new trade deals in place, but is also making sure that these organisations are able to capitalise on any business opportunities that Brexit may provide.

Karen Briggs, head of Brexit at KPMG, said: "Collectively this adds up to a sharp uptick in demand for advisory services across immigration, customs and supply chain. Indeed, we're currently in the process of boosting the support we already offer around EU nationals, treasury, plus trade and exports. Our advice to business is that it has become untenable to not have a Brexit plan."

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Image: CharlieAJA/iStock

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