Now that the transition period is over and the UK has officially left the European Union, the full effects of the decision taken by the British people in the 2016 Referendum, will at last become clearer.
The European Union is the UK’s largest trading partner, accounting for around 50% of the UK’s trade. As we go forward, any mismanagement in implementing the new system, could have far-reaching consequences for both the UK and EU economies.
Although Brexit may affect everybody living in the UK, businesses have always faced an immediate requirement to adapt because of the change in the rules to free trade and the free movement of people. Different challenges will face different sectors – for example, those in the hospitality industry may fear that it will no longer be possible to recruit employees from the EU, while importers and exporters are concerned about possible delays at EU and UK ports.
Will Multinational Companies look to move their offices and factories out of the UK, to find new bases in EU countries? What sort of Regulatory framework will UK businesses need to follow? How will supply chains adapt to the new rules? There are still many questions to be answered on what the future holds, but one thing is certain – whatever happens, the UK and EU will continue to trade and prosper in the years ahead.