Brexit – what is it, and how will it affect my business?

15 Nov 2018, SCC

Brexit – what is it, and how will it affect my business?

Brexit – what is it, and how will it affect my business?

What is Brexit?

In a 2016 referendum, the United Kingdom voted to leave the European Union. The British exit is scheduled to take place on Friday 29 March 2019.

On 14 November, the UK government and the European Union announced that they had come to an agreement on the exit and a temporary future relationship. The agreement will now be discussed and reviewed by respective UK and EU27 governments and parliaments before being finalised. Until then, the “no deal” scenario is still on the table, and companies are advised to assess their own exposure across all relevant scenarios.

The UK Government has issued continued advise for businesses on how to prepare if the UK leaves the EU with no deal, which are linked below.

Useful links:

Draft Agreement on the withdrawal of the United Kingdom of Great Britain
and Northern Ireland from the European Union (14 November) 

The UK Department for Exiting the European Union (2 October, 2018)

UK Government Letters (13 September, 2018) Advice for businesses only trading with the EU in case of 'no deal' Brexit 

UK Government White Paper (12 July, 2018): “The future relationship between the European Union and the United Kingdom

European Union Brexit Newsroom (updates ongoing): “Negotiating documents on Article 50 negotiations with the United Kingdom

UK Government information on negotiations (updates ongoing): “Article 50 and negotiations with the EU

European Commission on Phase 1 of negotiations (8 December 2017): “Joint report from the negotiators of the European Union and the United Kingdom Government on progress during phase 1 of negotiations under Article 50 TEU on the United Kingdom’s orderly withdrawal from the European Union

Embassy of Sweden in London’s information portal (in Swedish, updates ongoing) Brexit – Storbritannien och EU

How will it affect my business?

You will need to assess your own business’ situation and any potential impact of Brexit. The current uncertainty of what deal or no deal, means that many businesses are considering scenario planning. A range of experts have raised concerns with matters such as uncertainty in both the regulatory and legal environment, supply chain issues, changes in sources of funding, border issues, tariff and customs and staff and employment, to consider among other things. Respective sector and industry trade bodies or professional advisers will most appropriately provide Brexit guidance and advice relevant to your specific business. Visit their respective websites for information. In general terms the below could be useful.  

Useful links:

European Commission on preparednessEuropean Commission published Communication on preparing for the UK’s withdrawal from the EU” (19 July 2018)

UK Government: "Brexit: Information about EU Exit including the article 50 process, negotiations, and announcements about policy changes as a result of EU exit"

CBIBrexit & EU negotiations

Survey of Swedish companies in the UK

Last year, the SCC together with 12 other Chambers conducted a survey with its Members to get an idea of businesses' views on Brexit. The survey revealed that Swedish businesses in the UK are less concerned about the impact of Brexit now than before the referendum too place but almost half still believe that there will be a negative impact on business after the exit. You can find more information about the survey here.

This page will be updated continuously.

Contact the SCC secretariat at info@scc.org.uk or 02072248001 if you have any questions regarding Brexit

 

 

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