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The odds of a no deal Brexit currently stand at around 25% [source: oddschecker.com]. Yet according to research by the British Chamber of Commerce, 41% of UK businesses have yet to compete a no Brexit risk assessment.
With the prospect of a ‘no deal’ Brexit becoming increasingly more likely, there are a wide range of issues that multinational companies, in particular, must consider when deciding on where to locate offices and staff: from tax and remuneration strategies, to the potential need for work visas.
"The UK election result was a resounding victory for the Conservative party of Boris Johnson. While from the UK point of view this suggests limited changes in tax policy (but watch this space!), from the EU point of view the negotiations over Brexit are now likely to take a different turn.
"Mr Johnson’s message was very clear to “Get Brexit Done” and this played no small part in the Conservative victory. It now seems almost certain that the withdrawal agreement will be ratified in short order (before the end of January) and there will then follow frenetic negotiations for a trade deal over the next 12 months.
"It will be interesting to see how the negotiations go when the British side is represented by a government with a clear majority and mandate.
"Mr Johnson is adamant that the UK will leave at the end of 2020 and that the transitional period will not be extended further. It seems likely he will do all he can to achieve this but it is an obvious tactic for those who wish the UK to remain to seek a delay and extension. It will be interesting to see how EU leaders respond to this particular challenge.
"While perhaps disappointing to those who wanted to see the UK remain within the EU we are at least now in a position when some possibility of certainty is more clearly in reach. True certainty however is probably still some way off."
To discuss how to turn Brexit and defensive measures into a strategic expansion for your business, contact our Brexit specialists today.