Following a report released today on how Brexit will affect business, Baroness Verma has called for clearer guidance on how businesses should prepare for leaving the EU.
The chair of the EU External Affairs Sub-Committee told Julia Hartley-Brewer that "what we need is our businesses to know what they've got to do".
"At the end of the day these are really difficult complex issues and of course there's going to be negotiations until the ninth hour. However, what we've got to do is start preparations.
"The evidence tells us quite clearly that businesses need to start getting ready. They needed to be ready as soon as the decision was taken, but we do need to know simple questions like how are goods going to be tracked, how are those repayment mechanisms going to work. All of those things will be a cost to business."
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The 'Brexit: the customs challenge report', produced by the EU External Affairs Sub-Committee, looks into the Chequers proposal for a Facilitated Customs Arrangement (FCA) and details the customs challenges in the case of 'no deal'.
"We need to get businesses to understand what they need to at least start to think about when we don't have things in place. Particularly the technology that the government says will be in place. That's going to take some time," Ms Verma said.
'The argument of 52 to 48, that's gone, it's done'
"To keep re-running the argument of 52 to 48, that's gone, it's done. Now it's about 100 per cent British people, what's best for them."
The report claims that under the FCA plan, UK importers would face administration costs of £700 million per year.
If no deal was reached with the EU, the report says businesses could face costs of £18 billion per annum.