Around 150,000 businesses do not have the paperwork in place that will allow them to continue exporting to the European Union in the event of a no-deal Brexit, Mark Carney, the governor of the Bank of England has warned.
He added that although many businesses had built up contingency stocks, these would likely only last “weeks” and that business would be reliant on what the government can do to keep ports open.
The UK is due to leave the EU by 31 October after securing an extension earlier this year.
Earlier this month, the British Retail Consortium (BRC) warned that the impact of a no-deal Brexit on retailers would be exacerbated by the October deadline.
The BRC pointed out that a no-deal outcome in October – when Brexit is now due to take place – would disrupt retailers at one of the busiest times of the year, as they stock up for Black Friday and Christmas.