SBTC, ETR: 2 mins
Brexit blows a £22bn hole in business investment underlining need for a trade deal
Businesses have invested £22bn less in the last two and a half years because of the uncertainty caused by Brexit, according to new analysis of official data.
Business Roadmap to the Future
Theresa May triggered the Article 50 process on 29 March scheduling the UK to leave at 11pm on .
Their will be a transition period after 29 March, 2019, to 31 December, 2020, to get everything in place and allow businesses to prepare for the new post-Brexit rules between the UK and the EU.
Predictions of immediate doom post the public referendum were wrong, with the UK economy estimated to have grown, second only to Germany among the world’s G7 leading industrialised nations. The UK economy continued to grow at almost 1.8% in 2017 although there was slower growth, of 0.6% in the first half of 2018.
Businesses have 6 months to figure out how they are going to operate and implement changes that help them to compete during and beyond the Brexit period. How will they do this?
Whilst all of the following areas are of concern, businesses should be able to identify one or two key areas that warrant extra concern.
Workforce management – Travel to/from the UK for people and immigration
Fall in the value of the pound – Financial planning
Tariffs – Product compliance
Border controls – Trade, customs and contracts
Business trading environment – Movement of goods and services