A lot has happened since the UK voted to leave the European Union. The Prime Minister, Theresa May states “Brexit means Brexit” and she is sticking to her timetable of triggering Article 50 of the Lisbon Treaty, which gives the UK and the EU two years to agree the terms of the split. by the end of March 2017. Parliament has now had their Brexit legislation defeated twice in the House of Lords. The second defeat resulting in the sacking of the Lord Heseltine, who was one of 13 Tories who rebelled against the Government.
At the time of the EU Referendum, there were predictions of an immediate economic crisis, if the UK voted to leave. House prices would fall, there would be a recession with a big rise in unemployment – and an emergency Budget would be needed to bring in the large cuts in spending that would be needed.
The reality was that the Pound did slump the day after the referendum – and remains around 15% lower against the dollar and 10% down against the euro – but the predictions of immediate doom have not proved accurate with the UK economy estimated to have grown 1.8% in 2016, second only to Germany’s 1.9% among the world’s G7 leading industrialised nations.
Most successful businesses recognise the need to stay positive and be able to take advantage of a difficult situation. They understand that there are opportunities in times of uncertainty, as well as risks.
For the next edition of the Norfolk Voice magazine, we want to hear from Chamber members about the impact of Brexit on them. What have you been doing, as a result of Brexit and what plans have you got to take advantage of future opportunities?
Has your company taken advantage of the lower Pound and increased your exports; are you looking at new markets; or trying to source new suppliers – perhaps from within the UK? What future opportunities do you see as a result of Brexit?
Also, what does your business need to see from the Brexit negotiations? Just a few of the business comments we have heard so far include: the overall need for clarity; a bureaucratic-free system for EU workers; simplified regulations post Brexit and a reduction in red tape; and to keep tariffs with the EU to a minimum.
Please send your comments to Nova Fairbank. Email: [email protected] by no later than close of play on Friday 24 March 2017.
