Investment agency asks businesses to brace for worst Brexit scenario

Seeing as there's continuous uncertainty over the divorce terms between the UK and the European Union, Latvian companies should brace for the "worst scenario", said Guntis Rubīns, the head of the British branch of the Investment and Development Agency of Latvia.

There's still no agreement about Brexit, and there's a chance there won't be one in place by the end of March 2019 when the UK is to leave the EU, said Rubīns appearing on Latvian Radio December 20.

That's also what the agency has told Latvian exporters to Britain in a seminar held earlier in the week. 

In the worst case scenario, businesses can face fluctuating currencies, long queues on the border and the bankruptcy of companies operating in Britain, Rubīns said. 

Therefore Latvian companies should be careful when delivering goods to the UK after Brexit. They should instead wait for a while before resuming deliveries.

It is most likely that Latvians living and working in the UK right now will not see significant changes but those who want to go to work in Britain after Brexit may face different obstacles. 

Brexit could have the biggest impact on the automotive industry and the pharmaceutical industry, nevertheless a chain reaction can affect other industries as well, Rubīns said. 

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