Brexit: What can we do now?
The view from Bruce Potter, Chairman of Blake Morgan.
Prime Minister, Theresa May has promised a settlement that “addresses the concerns of the British people about free movement, while getting the best possible deal on trade and goods in service.” But while the terms of our separation from the EU are still being negotiated, British businesses are being urged to plan now for the opportunities and risks that Brexit brings. The latest draft of the withdrawal agreement provided some clarification on the transition period which is proposed to run from 29 March 2019 until 31 December 2020.
The transition period will effectively postpone some of the impact of Brexit, but that agreement is conditional on the overall terms of UK withdrawal being agreed. It is therefore still too early to know what the impact of Brexit will be. However, since the referendum, profitability has soared for some British businesses that are experiencing strong trading (aided by a competitive currency).
The government has also gone out of its way to encourage foreign investors. While we can expect that most EU law will remain applicable in the UK, as UK law, thanks to the EU (Withdrawal) Bill, and that decisions of the European Court of Justice will continue to have some jurisdiction over UK matters, the finer details are still unclear. The one thing we know for certain is that UK business is just as ambitious as before, and will need to explore opportunities outside of the EU even more urgently.
This guide outlines some of the key areas that you may wish to consider and take action on now to take advantage of the autonomy that the UK will have when Brexit is finally settled. If you have questions on what Brexit means for your business, email firstname.lastname@example.org and ask our expert legal advisors.
Download our latest Brexit advice
View a video of the chairman, Bruce Potter's latest advice.