LONDON — British Prime Minister Theresa May has signed off the Brexit Withdrawal Agreement deal with leaders of the European Union (EU) in a special summit in Brussels on November 25, 2018.
“It is the best deal available, the only possible deal,” she said as she spoke to the media during a press conference of the said event. However, members of the Cabinet are already threatening to call off the latest Brexit deal with some urging May for a soft Brexit in the event that the UK Parliament rejects it when the session resumes in December.
Preparing for the unknown
While it is certain that Brexit will have impending consequences once it becomes final in March 2019, two-thirds of businesses are still not preparing for it. In a Brexit seminar organised by the Guardian, Suren Thiru, head of economics and business finance at the British Chamber of Commerce, said this is understandable because it is hard to make plans for something that has five or six different potential outcomes.
Although there is truth in that statement, there are ways businesses can be ready no matter what.
The UK government will be launching a new electronic customs declaration system in 2019 and has provided a guidance for business importers and exporters should there be a no deal. Businesses should be proactive to make the necessary changes in their existing processes now.
Where are your employees from? The majority of migrant workers from EU countries may no longer be eligible to work after Brexit.
Increase in tariffs
Without a trade deal, imports and exports from the UK to other EU countries will now be subjected to standard tariff rates dictated by the World Trade Organisation (WTO). It is highly suggested that businesses check where their supplies are coming from or where their goods are headed, know what categories they belong to, and assess as to how much any post-Brexit scenario can make a dent financially based on the WTO-mandated tariffs.
Hire Brexit consultants
Hooper & Co. International Trade Consultancy can assist your company gear up for all the potential scenarios of Brexit. To speak with our Brexit consultants and get a free one-page Brexit analysis for your business, please give us a call on (0)2476 343037 or click on the Contact Us button on our website.