As the European Union steps up contingency plans for a No Deal Brexit, individual member states are also taking steps to deal with the possible fall out.

Yesterday saw the EU’s chief Brexit negotiator, Michel Barnier, briefing EU ambassadors on the latest developments before attending the European Parliament’s Brexit Steering Group meeting.

The EU is expected to provide emergency aid to member countries if the UK crashes out of the bloc without a deal in just 56 days.

Additionally, all member states are also trying to make arrangements that will best suit their own situation.

Hungary joined the EU relatively recently, in 2004.

László Szekeres. Sales Manager of Rapid 92 Ltd, which exports alcoholic drinks to the UK, said they are doing everything they can to prepare:

“We are trying to prepare for the 2-3 months period after a possible no-deal Brexit by building up stock.”

“He believes it will be even harder for companies who trade in perishable goods:

“I think that other big companies, who could lose a lot of profits in this period, will push for the simplification of the customs procedure very quickly. That’s my personal opinion.

“Otherwise the whole of European commerce will turn upside down.”

While it is certain that the administration and procedures will become more complicated, Hungarian businesses are hoping that the economic losses will be confined only to certain industries.

Professor István Magas said certain industries might have particular issues:

“Banking is a sector that might be effected, for example, as the UK is a big player in this sector via bonds and shares.

“Other sectors effected will be the automobile and car parts industry and pharmaceutical production.”

Source