Brexit / stage 2 financing30 Apr 2019 12:56
Brexit
Within the summary of principal risks disclosed in the Annual Report, the Group has not identified Brexit as a discrete principal risk. In the event of a no-deal Brexit, which would lead to the UK trading with other countries on World Trade Organization (WTO) terms, it is the Group's expectation (based on existing WTO terms) that for a significant majority of its export markets, no tariffs would apply. For those export markets that would attract tariffs under WTO terms (including the EU), the level of tariffs that POLY4 is subject to would not be significant, nor is it expected that any significant non-tariff barriers would apply to the product's export.
The principal impact of a no-deal Brexit upon the Group would be the indirect impact upon financial markets, where the uncertainty that a no-deal Brexit could bring may impact the ease and terms which the Group is able to access in relation to its securement of the stage 2 financing. This risk event is covered within the scope of existing liquidity principal risk, meaning that Brexit has not merited identification as a discrete additional principal risk.