British business is unprepared for Brexit, according to figures obtained by Treasury and Business Spokesperson, Chuka Umunna. His research has shown that only 66,000 companies had obtained a so-called Economic Operator Registration and Identification (EORI) Number which will allow the companies to comply with customs rules for exporting into the European Union.
Chuka appeared on the BBC to explain the problems.
It's not only going to be UK companies that suffer but also European companies dependent on receiving parts from British companies. It's not just the number, but also the extra paperwork that companies will need to fill out to export their products across the North Sea. In addition, many of these products are likely to attract customs duties in the future, which will make them more expensive.