It has almost been two years since Britain voted to leave the European Union but getting back to “business as usual” is hardly the expression business owners would use. Many are still struggling to figure out how to reshape their business and prepare for the uncertain future outside the world’s biggest free-flowing trading bloc.
Although there is still a year before Britain will officially leave the EU, the decision has left business owners with a multitude of unanswered questions. For example, what is the fate of Britain’s membership in the customs union? This arrangement, that permits the free flow of goods across the EU’s 28 members states, is 50 years-old. At the moment, British Prime Minister Theresa May and her minority government are not in an agreement over the issue.
In November last year, the Bank of England raised interest rates for the first time in a decade. The bank’s Governor, Mark Carney, admitted that the economy might be headed for a bumpy few years. He also shared that two further interest rate hikes will likely follow the first raise before the end of 2020. Carney went on to say that the Brexit vote has already slowed the UK economy; the country is now among the worst performing in the G7, having been the best performing prior to last year.
London is a European tech capital. Now, Brexit has raised a lot of questions over what will happen to that status. Many are having serious doubts over the UK’s attractiveness to investors after the decision to leave the EU. Financial technology firms, for example, say the biggest Brexit-related threat for them is the possibility that UK-based companies will be unable to service European clients after March 2019.
While there are many worried business owners and questions swirling around, there are a few who are optimistic. Keith Newman, owner of Kayen Solutions Ltd., feels that his business will succeed even outside the customs union.
“I think all these people who are terrified of losing the customs union should be looking at what are the opportunities for us of trading outside the EU,” he says. “We’re not a massive company with a big export department. It’s not that scary. … If we can do it I’m sure bigger companies can do it.”
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Author Bio: Electronic payments expert Taylor Cole is a passionate entrepreneur who also enjoys to write, play guitar and camp. Bestpaymentproviders is UK’s best secure trading review company, serving both traditional and high-risk merchants.