This Friday 31st January at 23:00hrs the UK marks its official departure from the European Union thus fulfilling the wishes of many people in our area. However, the coming year is likely to be very challenging for many businesses as all eyes will be focussed on the Free Trade Agreement (FTA) with the EU which is sure to have many twists and turns during negotiations.
Dr Adam Marshall, Director General of the British Chambers of Commerce (BCC), said: “In our business communities, this historic moment will bring a mixture of regret for some and celebration for others – but this is just the end of the beginning, not the beginning of the end.
“Decisions made during the next phase of negotiations will influence the business environment for decades to come. Businesses are likely to face significant changes in the way they trade, both in Europe and across the world. The government must clearly communicate what those changes will be – and provide timely guidance and support to help firms adapt and make the most of new opportunities as Britain sets its own trading polices”.
The UK will enter an 11 month ‘business-as-usual’ transition period. All parties are keen to ensure that a comprehensive FTA is successfully negotiated but If these talks fail to produce an agreement then a theoretical ‘no-deal’ Brexit is still possible in December 2020. Time spent thinking through the changes that Brexit may bring to your firm could yield real dividends in future. There are steps that businesses of all sizes can take now to start planning ahead. Click Here to see a new Post-Transition Brexit Checklist.
We are currently updating our very own Bresilience website to reflect the changes. Our International Trade Team is available to help support your business though these times of change and don’t forget that Chamber members automatically receive 50% off the cost of Export Documentation – that’s an average saving of over £1000 p.a.