The British Chambers of Commerce (BCC) has published a list of critical questions that remain unanswered for business in the unwelcome event of the UK leaving the EU without a deal on October 31st.

The publication highlights the many key issues that are still unclear for businesses in a ‘no deal’ scenario – from what trade agreements will be in place with countries around the globe, to whether and how firms can move skilled staff between the UK and EU, and which regulations they will need to follow.

Many of the unanswered questions reflect fundamental aspects of how companies operate. For instance, the terms of trade agreements can affect pricing decisions, margins, even choice of business location and the geography of supply chains.

The absence of clarity and precision has already stifled investment and growth, and is resulting in unnecessary costs, inability to plan and, increasingly, loss of business as customers look elsewhere.

While firms understand that negotiations are still ongoing, they are hugely concerned that the UK is not prepared for all eventualities – and that the sluggish and patchy nature of government planning for ‘no deal’ would become all too apparent in the economy if it is allowed to happen by default.