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. To date, the two parties have provisionally agreed on issues relating to the exit-fee, the Northern Ireland border issue and the status of UK and EU citizens. The discussion is now focused on the future trading relationship and other related issues. Prime Minister Theresa May’s cabinet presented a proposal in a white paper published on 12 July, 2018.
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.
European Commission on preparedness “European Commission published Communication on preparing for the UK’s withdrawal from the EU” (19 July 2018)
CBI “Brexit & 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.
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