Welcome to our commissioned report on how Northamptonshire businesses and the general public can start preparing for Brexit.
Uncertainty A Big Challenge
The UK right now finds itself in a rather unique situation, granted that the United Kingdom has faced a lot of uncertain times prior to Brexit, but now with Brexit happening small businesses should try to future-proof their investments, assets, and even personnel.
Brexit may be unstoppable at this point but there are ways and practical steps business owners can take to lessen the negative impact of Brexit.
“Unfamiliar”, “unpredictable”, and “uncertain” are just some things we can describe Brexit but these are also the challenges that businesses face and are equipped to deal with and can solve. Despite having the equipment, knowledge, and assets to deal with these challenges, it is still better if they can be avoided. How can a business solve these potential problems?
If the UK leaves the EU, all countries would be subject to the same conditions that are now applied to third countries, under Word Trade Organisation rules..
For British businesses, Brexit brings many risks with it. Brexit is likely to have the biggest impact on UK companies selling goods and services to other countries.
However, sectors associated with agriculture, manufacturing, and transport of goods will also be affected negatively. For example, currently a food manufacturing company can buy raw product from any European country and can be compliant with UK import regulation. But, we don’t have any certainty if it will continue like this after Brexit. It’s because there is high probability of different regulation for import and export of agricultural products coming into effect after Brexit negotiations are over. Similarly, it’ll become harder for British farmers to export agricultural products to EU countries due to differences in regulation directly affecting the income of farmers. The rise in the price of agricultural Machinery due to new tariffs will add to their woes.