Adam Dowdney, partner, corporate and commercial team at IBB Solicitors, puts forward three reasons why the UK will continue to be a great place to do business, even after Brexit.
The corporate and commercial team at IBB Solicitors supports SMEs, multinationals and private clients in developing and expanding commercial operations, through mergers, acquisitions and disposals throughout the UK, Europe and worldwide. As the Brexit negotiations progress, opinions on the continued levels of transactional business activities differ as they are thought to be high risk during a time of global political uncertainty. If the UK were to leave the EU without a deal having been negotiated and agreed, this could have a significant impact on UK business. However, here are three reasons why the UK would continue to be a great place to do business after Brexit, even if no deal is reached:
1 Professional services and legal support
Although EU single market access and EU membership has benefitted the UK economy greatly, exiting the EU without a deal would not change the fact that the UK has a very developed professional services sector, that is operated by a large number of experienced professionals, with a wealth of domestic and international knowledge and experience to support the professional requirements of any business.
In the legal field, the English common and contract law, is perhaps the most widespread and commonly used legal system in the world and provides the basis for a significant proportion of contractual arrangements worldwide. Regardless of the outcome of the Brexit negotiations, although many EU based parties may be less willing to agree to operate in accordance with English law, it is likely that for the foreseeable future, English law will continue to remain a popular choice, especially as existing contracts with English law jurisdiction clauses will continue to apply.
2 Open for business
At present, many of the laws of England have been designed to incorporate EU legislation which can take time to negotiate, agree and implement with the various EU member states. If no deal is struck following Brexit, the UK will no longer be required to comply with all EU laws which should make the legislative process more straightforward.
Upon exiting the EU, the UK Government will have the opportunity to listen to the needs of businesses, both foreign and domestic, and make the law work better for the needs of companies. An example of this is TUPE, which is intended to protect employees’ rights, however, following Brexit, the UK can seek to rebalance these regulations to ease the current potentially onerous TUPE obligations on businesses.
3 New opportunities
Following Brexit, it will be an economic necessity for the UK to make it as easy as possible to do business internationally and establish its own separate trade agreements to encourage international business and trade.
Until the UK enters into new trade deals, it will trade under WTO rules. Moving forward, the UK will be able to negotiate trade deals free from EU policy and the need to achieve consensus with the other EU nations, and will have the ability to seek bespoke terms for the benefit of the UK and its trading partners.
This is especially important at a time when many countries around the world, such as the US, are embracing protectionist policies. By being a place where it is easy to do business and where opportunities are easily accessible, the UK should be able to entice businesses and tap into emerging markets quickly.
Whether your business is growing or expecting change, you will need expert advisers around you. At IBB, we take pride in understanding what our clients need and want to achieve. If you would like impartial advice that focuses on the positives, resolving problems and finding solutions that support you and your business, we are here to help.