Brexit Bitesize – What steps should your business be taking to prepare?
As the Brexit 50p pieces go back into the furnace and the Election Manifestos start to be printed, it would be easy to assume that Brexit preparations can go, once again, onto the “back burner”.
However, as we heard from Nick Patrick of Sheffield International Trade Centre (“SITC”) at our event last week, there are plenty of steps that businesses trading internationally should still be considering now, whether, if and what type of Brexit may ultimately come to pass.
We posted a video package of the key slides from the event which is certainly worth a look.
The fact of an election campaign beginning is now likely to continue the current depressed Sterling value, but that can be a benefit for exporters.
Whilst we need not fear the immediate precipice of tariffs and border delays, businesses should still be seriously considering the merits for them of some of the international initiatives around trusted traders. The HMRC backed Authorised Economic Operator (“AEO”) Scheme is something that is still being actively promoted and the audits to be registered as an AEO are something that can be handled locally by SITC.
Businesses should consider including a Brexit clause in commercial contracts falling to be re-negotiated in the coming months to help address the uncertain impacts of, in particular, a no-deal Brexit. It was also noted that a simple Force Majeure clause is unlikely to be sufficient protection in such an eventuality.
Whilst we do appear now to have a Brexit delay until at least the end of the EU’s current “flextension”, the risks remain and this additional time should be used to further ensure business readiness for whatever the early months of 2020 may bring.
If you have any questions about the latest Brexit updates, please contact Partner, Giles Searby at firstname.lastname@example.org or call Giles on 0114 252 1423.
View the key points from our latest Brexit Roundtable, with Nick Patrick of Sheffield International Trade Centre here: