As we all well know, Britain voted to leave the European Union 23rd June 2016. Since then, there has been much worry and concern about what Brexit will bring. Many businesses owners are optimistic and hopeful for the post-Brexit future. However, many are deeply concerned.
- Britain will likely lose access to the single-market – or The European Free Trade Association. Furthermore, if we are excluded from the single market, we could make a loss equalling £75 billion.
- Foreign investment will likely reduce – many investors might be reluctant to invest in British businesses due to higher trade costs and tariffs. The uncertainty regarding the relationship between Britain and the EU might also put off potential investors.
- Employment and job opportunities – recent statistics show that there are currently 2.1 million European immigrants working in the UK. Many of these immigrants work in vital fields, both skilled and unskilled. The uncertainty of Brexit means that many will leave the UK, taking their valuable skills with them. Depending on post-Brexit immigration policies, it might be difficult for Britain to successfully tempt international talents to live and work here.
- The loss to UK exports – there is deep concern that the UK will take a heavy hit regarding exports post-Brexit. Especially if we leave without negotiating a new trade deal with the EU.
- No longer obligated to contribute to the EU budget – Brexit will save the UK having to contribute many billions to the EU every year, leaving the funds to be allocated elsewhere.
- Less regulations and obligations – many people believe that Britain has been burdened by the EU regulations. Brexit may now create the opportunity for the UK to trade and negotiate with other countries on its own terms.
- New trade agreements – with Brexit, the UK now has the chance to make trade deals with countries all over the world. Agreements with China and Australia may already be in the pipeline.
- Employment – Post-Brexit, there may be more employment prospects for talented people from beyond the EU. And although our EU membership made it easy for EU nationals to live and work here, Brexit should not make it impossible.
Hopefully, it’s not all doom and gloom as far as Brexit is concerned. However, we would advise all business owners keep an eye on the news and the negotiations happening now.
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