Brexit: Rising to the challenges ahead
After months of speculation and campaigning, Britain has voted to leave the EU with 17.4 million in favour of leaving and 16.1 million in favour of staying in.
Whether you were In or Out, the decision has now been made. For many, ending the uncertainty was very important. However, in the days and weeks after, there appear to be many unanswered questions. And, ones we probably won’t get answers to for some time yet.
Against this backdrop, it’s important for businesses to keep a level head and carry on. Many media reports suggest the majority of businesses have not put any plans in place for a Brexit. While it is still very early days, and Article 50 has yet to be triggered (which means up to a two year period of negotiations), trying to keep a ‘business as usual’ attitude is probably the best short term approach.
Huw Evans, director general of the Association of British Insurers (ABI) made an interesting statement after the referendum in which he stressed the importance of the UK remaining globally competitive. He said:
“The UK insurance and long-term savings industry is strong and built to protect customers from market uncertainty and shocks. Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore avoid hasty decisions about their financial matters. For the UK Government, it will be important now to focus on ensuring the UK remains a globally competitive place to do business with the best possible future trading network with the EU and the wider world.”
In the coming months, many businesses will need to look up and down their supply chains to see how Brexit will impact on their way of doing business. It’s obviously not as critical for those who work in domestic markets but confidence and stability are on the wish list of any business or industry. British businesses and, in particular SMEs, are tenacious and show great ingenuity. Whatever the challenges and opportunities Brexit brings, the business community will undoubtedly show resilience and determination to get on with it.
We would welcome your views on Brexit and what plans you are considering – if any – in the coming months. If you want to discuss business planning opportunities please get in touch with one of the team.
