It’s currently unclear what effect Brexit will have on the British economy. However, our lawyers can offer expert commercial advice on dealing with Britain’s exit from Europe, minimising any uncertainty you might have about its consequences for your business.
Although the Government will stand to make immediate savings from leaving Europe – estimates put the UK’s net annual contribution to the EU between £5.7bn and £8.8bn – there are a number of areas of concern for commercial markets:
• Increased costs from uncertainty: now that Britain has left the EU, it will have to renegotiate its position on areas including trade, labour and law-making. It’s unclear exactly what impact this will have on UK business, but there may be extra costs stemming from visa applications and export tariffs, for example. We can help you minimise your exposure to additional expenditure, making sure you’re prepared for the future.
• Devaluation of currency: economists have warned that Brexit could devalue sterling by at least 15%, although the Bank of England has indicated that it’s ready to inject money into the economy to counteract shortages.
• Interest rate changes: in the event of a fall in sterling, the Bank of England could put up interest rates, increasing the cost of borrowing.
• Emergency budget: George Osborne has warned of a £30bn “black hole” following Brexit, necessitating an emergency budget that could cut the NHS budget and increase taxes.
If you’re worried about the impact Brexit could have on your business, our lawyers are here to support you. We’re well-placed to help you deal with potential challenges and take advantage of opportunities created by Britain leaving the EU.
For more information, please phone 0370 1500 100 or send our Referendum team an email with any questions.
Stuart Padgham – Partner, Head of Commercial
Telephone: +44 (0)129 374 2768
Mobile: +44 (0)743 603 6997