Most of Scotland's finance sector fear UK will leave the EU without a deal, finds accountancy body

A majority of people working in Scotland’s finance sector believe the UK will exit the EU without a deal, a study found.

Research by the Institute of Chartered Accountants of Scotland (ICAS) found 73% of more than 300 of its members think such an outcome is either “very likely” or “quite likely”.

Just over half (56%) said their organisation is prepared for a no-deal Brexit. One in three believe the UK will formally leave on the appointed date of March 29.

Prime Minister Theresa May last month said MPs will be given the chance to vote on whether to extend Article 50 – if her Brexit deal is not approved in Parliament and if there is then a vote against leaving without a deal.

ICAS said concerns were raised at organisations which employ EU nationals, with just 32% of respondents saying management had explained the requirements needed for them to register for UK residence.

ICAS chief executive Bruce Cartwright said: “Members are working hard to ensure that their organisations are ready for whatever transpires, and we will be doing everything we can to help them in this.

“Our major concern, however, is that the clock is ticking down to March 29 and although the UK Government is publishing more guidance, there is very little time left to implement it.”


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