CAs favour continued membership of the single market
CAs have stated consistently that their preferred Brexit outcome is for the UK to remain in the single market, according to the ICAS Brexit Tracker.
In ICAS’ latest poll, 60% of CAs said this would be their preferred Brexit outcome with only 6% believing that this outcome is likely.
The ICAS Brexit Tracker, in association with leading law firm Brodies LLP, is a quarterly snapshot of how CAs foresee the impact of Brexit on the UK.
Left without a free trade deal
The autumn Brexit tracker has found that CAs are increasingly of the opinion that the UK will be left without a free trade deal with the EU 27.
The survey asked, “Which do you think is the most likely outcome of the UK’s negotiations to leave the EU?”.
CAs polled said:
- UK in Single Market – 6%
- UK in Customs Union (but not Single Market) –14%
- A UK/EU Free trade agreement – 29%
- No Free Trade Agreement – 34%
- Don’t know – 16%
The 34% was a marked increase on the summer tracker, in which 13% responded in the same way.
Christine O’Neill, Chairman, Brodies LLP, said: “The tracker is a useful way of monitoring shifting sentiment in the profession – and that sentiment will no doubt shift further in response to recent events in Parliament and beyond.”
Finding the right advice
The survey also asked about preparedness for Brexit. 75% said their organisation is “quite” or “very” prepared for a negotiated Brexit; 48% say they are prepared for a “no-deal” Brexit.
When CAs were asked where they go to for useful advice on Brexit, they responded that they find “colleagues and friends”, trade and professional bodies, external advisers and the media more useful than local or UK government.
ICAS Chief Executive Bruce Cartwright CA said: “While the Brexit journey continues, it is important that the public is kept aware and informed.
"At ICAS we continue to share our own expertise with members and the wider public to help prepare for Brexit.”
ICAS has produced a range of articles covering the financial and business implications of Brexit which are available to view now.
For pragmatic and informed legal advice on the issues raised by Brexit, visit the Brodies Brexit Hub.