As Theresa May triggers Article 50 today, the path of Brexit from this point forward remains unclear and uncertain. The Article gives both sides two years to reach agreement meaning the UK will be expected to have left by the summer of 2019, depending on the precise timetable agreed during the negotiations.

In her January speech, the Prime Minister said that “no deal for Britain is better than a bad deal”, suggesting that the UK had no intention of staying in the EU single market. Now it appears that the UK may be stepping back from this.  

Post Brexit, the UK will be seeking a positive outcome for those who trade goods and services with EU businesses by reaching a new Customs Union deal with the EU.  Absent in an agreement with the EU on trade post Brexit, the UK would have to operate under World Trade Organisation rules, potentially bringing a lot of customs checks and tariffs to our borders.  Brexit will however enable the UK to execute its own trade deals with other countries, which on balance could be better for those businesses who trade predominantly with partners beyond the EU. 

The impact of Brexit on the financial markets is a further unknown, though some currency experts believe that sterling will remain lower in the long term against the pre Brexit position.  This means that imported goods and services will be more expensive.  

Brexit and my business - the questions you need to ask

Every business should be considering the following key questions in order to evaluate the potential impact of Brexit:

• Do you know your business supply chain of goods/services in and out of UK?
• How much is transacted within Europe/ beyond European borders?
• Do you need to route goods/services via Europe?
• Do you understand how much currency movements affect your business? Have you discussed with your bank?
• Are you investigating new export markets now?  If so, where are these to?
• Are you investigating international expansion?  If so, where to?
• Are you recruiting staff?  Any from EU?

Once you have identified how your business transacts with and through other European countries, you will be better placed to evaluate the impact when the UK’s agreed position post Brexit becomes known.  

Keeping you informed

We will keep you informed of Brexit plans for the UK as they develop. In the meantime, should you have any questions or views on the likely impact of Brexit for your business, please visit our dedciated Brexit page to submit your views.