How Brexit Could Impact Your Business
Brexit has been the word on everyone’s lips in recent months. Since the decision was made to remove the UK from the EU, there has been a level of uncertainty that has permeated everyone’s lives. There is no place this is truer than in the world of business. With many companies created under EU law and reliant on the benefits the EU brings, most people are unsure about what the future could hold. This could be either detrimental or positive for businesses, but with the outcome both looming and uncertain, there are lots of companies waiting to hear just how Brexit could impact them.
Every business has a forecast of where they expect to be in the coming years. For lots of companies, this was thrown into array when the referendum result was delivered. As many companies rely on the trade agreements set out by the EU, there is lots of reason to believe that they need to adapt their planning altogether to arrange a new business plan. If they had a rough idea of what Brexit was going to entail, this plan could be decided on. Yet, with details still unclear, there are lots of businesses putting their future on hold until they know how they will be affected. In fact, Perkbox has suggested the ways in which employers may be directly affected by this. It is not all bad news, however, as small businesses and farming businesses are set to thrive under Brexit. Not only will it encourage trade within the United Kingdom, but it means that there are far more opportunities for them to compete with bigger businesses in their areas.
In recent years, the UK has become a more globalized country. With international clients helping to make up the bulk of some companies, there is no wonder that people are questioning how Brexit may affect trade deals, as well as relationships with established international clients. There is a chance it could go the opposite way. Without the UK restricted to doing business mostly with the EU, this could make room for more special arrangements to be made with more growing countries. Australia and Canada are among those the UK is hoping to strike better business deals with after Brexit.
The current set of employee rights is dictated by the EU, and it guarantees that everybody is entitled to the same fair treatment within the workplace. Without this law, nobody knows the kinds of rules that will be outlined in the new UK constitution. There is much reason to believe it will be positive, as it is true that the UK government knows what their workers need better than anyone. Not only this, but employee rights play a huge part in determining unemployment rates, and they keep people happier within themselves. If this were to change dramatically, there would be much unrest in the following years. This doesn’t mean there is no uncertainty surrounding it. With many people comfortable with the treatment they receive because of the law, it is likely that they will be panicking about how this will change after Brexit goes through.