Is it time to start start considering the impact of Brexit and implement plans to mitigate the effects?
It is now common knowledge that it will take 2 years following the UK’s notification of Article 50 before we leave the EU. Brexit has already lead to considerable volatility in financial markets and there will be a period of economic and business uncertainty as the details of our exit from the EU are worked out.
During this period businesses will need to undertake the difficult task of planning for the future and undertaking a strategic review to minimise their risk and maximise the opportunities Brexit presents for them.
What happens now?
Short-term concerns should be allayed; the Bank of England, working with the Treasury and other central banks, has already made it clear it will do whatever is necessary to provide liquidity to the banking system and preserve financial stability.
The drop in the value of the pound will result in increased import charges however it will also help exports as the price of goods becomes cheaper.
The UK has strengths in many industries such as financial and business services, creative industries, tourism, higher education and high value manufacturing. There is scope for the trade agreements that need to be established, to be drafted in a way that is mutually beneficial for both the EU and the UK.
In the medium term the UK will remain in the EU and free trade will continue as before within the Single Market. For most UK companies, it will be business as usual however it will be wise for businesses to start considering the impact of Brexit in the long term on their businesses and implement plans to mitigate the effects now.
What we can do to help?
MHA MacIntyre Hudson wants to reassure clients that while there may be some challenges ahead, our specialists are monitoring developments and we are able to provide advice and guidance on all areas of your business. If this report highlights any concerns, please get in touch.
Brexit: Business planning guide
To find out more about Brexit's impact on your business in the long term and how you can implement plans to mitigate the effects now download our 'Brexit: Business planning guide':