Our survey last month confirmed the major problems facing many UK businesses post-Brexit. And this week the independent government watchdog, the Office for Budget Responsibility, has warned that Brexit will likely mean:
“UK exports and imports “will be around 15% lower in the long run”, and “average earnings weaker” due to the fall in long-term productivity”.
The chart confirms many critical issues still remain unresolved. In the critical area of financial services, for example, the promised Memorandum of Understanding governing future trade was described yesterday by the Financial Times as:
“Minimalist, bare bones, a nothingburger, no progress or motherhood and apple pie.”
Both small and large companies are suffering major hits to their business due to the new rules:
- The Cheshire Cheese Company has already lost £250k of business due to the new paperwork required
- The major German company, BASF, has seen sales collapse from its Littlehampton factory to EU farmers and garden centres
Many businesses have simply given up, faced with the problems created by Brexit in key areas such as Customs & Tariffs, Rules of Origin, GB-N Ireland trade, INCOterms and REACH. The chemicals industry, one of the UK’s largest exporters, found in a survey last month that 72% of companies had experienced increased trade friction, despite having done all they could to prepare.
In response, we have decided to change our business model. Our aim is to help you make the changes needed in your business to survive Brexit.
Our team has over 250 years combined experience of working in importing/exporting for small and large companies.
Crucially, we were all in business before the Single Market and Customs Union began in 1993. So we know what needs to be done, and how to avoid the major “bear-traps”.