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Harlands_Accountants

How could Brexit impact business owners?

Wednesday, 29 June 2016

As you will have all seen, last Thursday the British people voted to leave the EU which is a significant turning point in our history. The country has spoken and whether you agree with the decision or not you have to begin to understand how it will impact you.

The urgent priority now is to reassure the markets and from that we need strong and calm leadership from the Government, working with the Bank of England, to shore up confidence and try and generate political stability in the economy. 

Some business people will be pleased with the result, and others resigned to it.

Having spoken to many firms across the NE it is evident that they want an immediate and clear-cut statement from the Prime Minister on the next steps, along with a clear time line for the UK's exit from the European Union. From the statements made yesterday by both David Cameron and George Osborne this isn't expected to be clear until the Conservative leadership process is concluded by 2nd September. 

Without the detailed plan to support the economy then this may lead to a lack confidence, investment, hiring and growth which are usually affected by a prolonged period of uncertainty. 

But what should be fully noted is that we remain part of the EU until the process of leaving is complete and therefore any business owner should therefore avoid hasty decisions about their financial matters. History has taught us that UK business is adaptable and innovative when confronted with new challenges and opportunities.  

So what happens next?

The next step is for Britain to tell the EU that it wants to go by using Article 50 of the EU rulebook for the first time in history.  But there is now a short moment for reflection before Mr Cameron's successor is confirmed by 2nd September.

The next steps for you is to ensure you are in control of your business irrespective of the timescales and possible outcomes of this long process will be. We are always here to chat should you need a sounding board and will continue to provide you with up to date news and opinion on the historic outcome of the referendum.

In the meantime, if you would like some further reading on our thoughts around the Brexit we have a blog available on our site - read more

Glyn Davison, Harlands

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