Yorkshire firms exporting products and services worth more than £6 billion a year to the Eurozone are being urged to take a long hard look at the risks they are running.
The warning comes from business adviser Deloitte, which says increasing public dissatisfaction with austerity measures in countries such as Greece means exposure to the Eurozone is now a critical issue for Yorkshire businesses.
Europe remains the largest market for UK goods and services with more than 1,500 Yorkshire companies currently exporting to the EU.
Speaking at a seminar organised by Deloitte, Lloyds Bank and lawyers Muckle, Simon Manning, head of manufacturing at Deloitte in Yorkshire said: “It is only possible to mitigate the effects of a break-up, or even just the continuing uncertainty, if companies are fully aware of their exposure.
“That means at the very least understanding contractual terms and invoicing procedures with employees and suppliers based in eurozone countries and the effects of redenomination into other currencies.
“We are likely to see markets adjust to changing circumstances before legislation is able to catch up and in that environment, it is critical to ensure that businesses are able to act swiftly and implement contingency plans if they need to.”