There is no aspect of Brexit which is greeted with universal approval. Quantitative studies struggle to garner ubiquitous reception and opinions are the main currency, but the potential of Brexit – both financially and socially – is something that will affect every business.
The main talking point for business across the UK, as well as those in Europe, is the terms of our exit. Come October 31 it will be remembered (as long as it goes ahead this time) as the decision that impacts a generation.
Any business working with customers, partners and clients in the EU will have to consider each and every possibility to stay agile to the changes.
By the end of October 2019, there will be a number of things to consider, including:
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The wide array of support mechanisms out there in the form of NHS refNo deal represents the scariest prospect for businesses.
The government has already published a HMRC ‘Prepare your business for leaving the EU without a deal’. This was sent to VAT-registered businesses trading with the rest of the world or the EU. It covers everything from customs facilitation and the simplified procedures in place as Brexit happens.
Financially, businesses will see a big difference if no deal is chosen.
We may well see wild fluctuations in the value of the pound. Goods are certain to be slowed through customs. Any business working with EU countries will find problems at every turn.
One scenario that does seem to have the lion’s share of opinions in the UK is a deal. Boris Johnson and his party will attempt to get a deal worthy of their ideals of Brexit.
Time will tell whether the threat of a hard border between Northern Ireland and the Republic of Ireland will make a difference, amongst other things.
If we manage to achieve a deal, however, businesses will still have to face many financial uncertainties.
The type of deal, the value of the pound and the changing relationship between EU countries will play a heavy part in the stability of businesses across the UK.
Stay up to date with the potential ramifications of Brexit by consulting with our team here at Fortify.