UK-German companies aren’t ready for Brexit

A survey of German companies’ subsidiaries in Britain and British firms’ subsidiaries in Germany has found that nearly half the companies aren’t prepared for Brexit.

The survey of 101 firms, conducted in December and January and released Thursday, showed that 47 percent hadn’t carried out a Brexit risk assessment. It was conducted by auditor KPMG and the British Chamber of Commerce in Germany.

It showed a wide variety of expectations for the outcome of the Brexit impasse. KPMG’s Andreas Glunz said that “when all scenarios are possible, a company can’t prepare for all scenarios simultaneously.”

Thirteen percent of respondents said that, if Britain leaves the European Union without a deal, they would move some or all of their business from the U.K. to Germany, and a further 10 percent planned to move business from Britain to another EU country. None planned to move business to Britain.