According to the Interim Director General of the Institute of Directors, Edwin Morgan, UK businesses should prepare themselves for a no-deal Brexit instead of relying on assurances by political leaders.

A survey by the IoD revealed that less than 25% of firms had activated Brexit contingency plans in April, while over 50% had no contingency plans in place yet. Morgan stated that companies should use this Brexit delay to develop a better understanding of their potential exposure to risks arising from a no-deal Brexit scenario.

He also launched a scathing attack on British politicians saying that they had vastly underplayed the risks of leaving the EU without a deal through misleading language.