The Need to Know Stuff
It’s fair to say that nobody was prepared for the Brexit result – and that includes ourselves. And while it’s early days yet and there are so many questions we haven’t even begun to ask, let alone answer – perhaps one of the most important learnings to emerge from Brexit is the importance of having a reasoned, considered Plan B: advice we always give to every one of our clients.
Here’s a quick round-up of what you need to know about Brexit right now…
- Currency is top of the concern list and it’s a worrying time for some tight-margin businesses we work with. Talk to us, we’re here to help where we can.
- The political hot potato has to be the free movement of people – but we believe this is unlikely to have much effect on most of our clients’ businesses.
- A real unknown is the effect of Brexit on trade agreements, particularly our own interaction with the UK in the future. This was well flagged in commentary before the Brexit vote – particularly by our own Peter Sutherland, and we believe it is likely to have the most negative impact on the UK economy. Our advice is clear: consider your own relationship with the UK market and the impact that Brexit could have on that relationship, then start considering what opportunities may exist in a post-Brexit world.
- Foreign businesses setting up in Ireland? Definitely yes. Our firm has already seen some business coming into Ireland from the UK and Europe – directly as a result of Brexit. We have had enquiries about how to establish a presence in Ireland and the regularity and tax regime in the country.
So yes, some serious risks exist – but if dealt with knowledgeably, we believe the initial chaos caused by Brexit can, in the future, translate into important opportunities for our clients.