Brexit has caused a lot of uproar among almost everyone in the UK, but businesses particularly are sweating under the heated pressure.
With organisations residing in the UK, there are many changes that they will need to adapt to in light of Brexit, or otherwise abandon their ties to the UK and migrate elsewhere within Europe in order to remain in the UK. Consequently, there are many things that need to be considered before doing so, such as ensuring that you have an EHIC card should any injuries arise. Either way, these are some factors you should take into account before taking the big leap.
Risks With Employment
International collaboration is a huge part of the UK – those within a different culture are allowed to have the same opportunities as British residents, encouraging interracial integration. However, in the light of Brexit, many migrants fear being sacked from their jobs and threatened to move back to their home country, regardless of how valuable they are to their company. As a result, many British businesses may have to rely on switching these migrants to UK national, causing a huge disturbance in our community. Therefore, if your business is interracially integrated, then I may be a good idea to move your business to the EU to avoid such stigma.
Sinking Of The Pound
A forecast has already pointed out that the pound could sink up to 30%, which in itself poses a major threat to all businesses operating within the UK once Brexit has commenced. Already, we have seen the pound’s value falling by 12% against the dollar, and while this sounded catastrophic even then, it is predicted by many that this is only going to get worse. With a currency performing poorly against all other alternatives, you need to decide whether this hit to British currency is enough to make you re-evaluate whether or not moving to Europe is a good idea. For example, fuel prices are only going to inflate, and if petrol is something that you’re company invests a lot of money in (e.g. a courier service), then perhaps moving your business to Europe could benefit your company in the long term.
Effects On Agriculture
The general British economy hasn’t always been the fairest on those within the agriculture industry, but with Brexit looming, things could become even more challenging for these individuals. In a post-Brexit nation, many farmers, particularly in Eastern Britain, will be out of pocket and likely to face austerity. Once again, farmers will be persuaded into ditching migrant labour for good, but we doubt this is going to settle well with those within the agriculture industry. Plus, after Brexit is complete, people are unsure about how much cash will be provided for green schemes, and this uncertainty has arisen after Brexit speakers mentioned about unshackling farmers from overbearing environmental regulations. With this in mind, it might be easier for those with serious agricultural organisations to move business to the other EU countries instead.
While the fall of the pound poses a large threat to many businesses, the benefit of this depreciation in value is the fact that exports will now be cheaper. That cut of import tariffs will mean that companies can spread their wings and make it easier for organisations to operate on an international basis, still keeping strong ties with European countries without needing to cut them out completely. In addition to this, it’s been voiced by experts that these tariffs are crucial for the EU’s single market, as the UK stands as the world’s fifth-largest economy, making us a valuable trading asset regardless of Brexit’s shadow.
We agree, Brexit seems to be doing more harm to the UK’s economy than good recently, putting a huge strain on companies within all industries. However, there is a solution, and depending on your business’ current situation, moving over to Europe could be the best chance that you’ve got.