We now know with some certainty that Brexit, or at least the first stage of Brexit, will take place on 31st January 2020.
The pound and shares are both up and business leaders have generally welcomed the end of the stalemate and uncertainty which have affected business planning for so long.
The focus now moves to the terms of the trade deal which will be struck with the EU and of course there is still much uncertainty as to what that deal will ultimately look like. The Prime Minister has set himself an ambitious target of agreeing the deal by the end of 2020, but will the new Government’s comfortable majority lead to relaxation of the timetable in an attempt to get a more comprehensive deal or is there still the possibility of a No Deal Brexit if the desired terms have not been agreed within this timescale?
Business leaders have cautioned against the prospect of further cliff edge negotiations and would like to know, for example, what levels of alignment and tariffs can be expected and exactly what arrangements will be made in relation to the movement of goods, particularly in Ireland. Perhaps in a few months, we will have a clearer sense of the direction of travel, but at the moment we still do not know what will happen.
For the moment there is relative stability in the period of transition of at least 12 months but change is coming. Businesses will keep a close eye on developments but are advised to use this period to consider and prepare for the consequences of leaving the EU. We have prepared a brief guide of some of the points to be considered which we hope might act as a useful checklist https://www.sydneymitchell.co.uk/main-menu/brexit-getting-your-business-ready
Please contact our commercial team for more detailed advice on 0808 166 8827.
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