Most of us will remember the paranoia that fuelled the run-up to midnight, 31 December 1999.
At the stroke of mid-night computer systems across the globe were supposed to crash as their outdated code failed to recognise the year 2000. Most software at that time stored dates as 01/01/99, instead of the longer form 01/01/1999. Being presented with the year 00 would logically fool computers into thinking it was the year 1900.
In any event, the clock ticked, and our systems coped. Life continued as normal, pretty much.
Uncertainty is now fuelling contradictory outcomes for Brexit. Who should we believe?
That supply lines will fail, shops will run out of stock and the NHS drugs and medical supplies? Or, barring minor hiccups, that matters will chug on as usual…
Clearly, there are compelling arguments in both directions and logically, we should be prepared for all eventualities.
Whilst much information has been disseminated prior to Brexit, most of the government led information leaning towards a no-deal outcome, professionals should probably be turning their minds to the post Brexit period.
If the present government, and parliament continue to be locked in opposing agendas, the prospect of a no-deal Brexit, or alternatively, a further and longer delay beyond the 31 October, are both equally disturbing.
No-deal would seal our fate and uncertainty would disappear. Further delay will create even more uncertainty – business owners across the UK will be pulling their hair out, if they have any left.
Either way, business owners will be on the lookout for advice, how do we deal with this?
Ironically, 31/10/2019, may open gates of opportunity for the accountancy profession as they respond to this demand. And so, for accountants at least, perhaps 31/10/2019 will not be a re-run of Y2K uncertainties.